Smith Salley Wealth Management Takes $1.86 Million Position in L3Harris Technologies Inc $LHX

Smith Salley Wealth Management acquired a new position in L3Harris Technologies Inc (NYSE:LHX) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,320 shares of the company’s stock, valued at approximately $1,855,000.

A number of other institutional investors have also recently made changes to their positions in the stock. First Horizon Corp bought a new position in L3Harris Technologies during the third quarter valued at approximately $10,667,000. Merit Financial Group LLC lifted its holdings in shares of L3Harris Technologies by 55.9% in the 3rd quarter. Merit Financial Group LLC now owns 9,989 shares of the company’s stock worth $3,051,000 after acquiring an additional 3,583 shares during the last quarter. Korea Investment CORP boosted its stake in shares of L3Harris Technologies by 11.2% in the 3rd quarter. Korea Investment CORP now owns 153,567 shares of the company’s stock valued at $46,901,000 after purchasing an additional 15,408 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of L3Harris Technologies by 13.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company’s stock valued at $9,230,000 after purchasing an additional 3,532 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its holdings in shares of L3Harris Technologies by 32.6% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company’s stock valued at $6,513,000 after purchasing an additional 5,239 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Insider Buying and Selling

In other news, VP Melanie Rakita sold 2,378 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $341.45, for a total transaction of $811,968.10. Following the completion of the transaction, the vice president directly owned 4,882 shares in the company, valued at approximately $1,666,958.90. This trade represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jon Rambeau sold 5,528 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider owned 7,660 shares in the company, valued at $2,836,651.20. The trade was a 41.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 19,025 shares of company stock worth $6,824,370 in the last three months. 0.68% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Vertical Research reissued a “buy” rating and issued a $355.00 price target on shares of L3Harris Technologies in a research note on Tuesday, January 13th. Morgan Stanley lifted their price objective on L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. TD Cowen restated a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. Finally, JPMorgan Chase & Co. raised their price target on L3Harris Technologies from $340.00 to $395.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $349.55.

L3Harris Technologies Trading Down 0.2%

NYSE LHX opened at $349.76 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. L3Harris Technologies Inc has a fifty-two week low of $208.11 and a fifty-two week high of $379.23. The stock has a market cap of $65.33 billion, a P/E ratio of 41.00, a price-to-earnings-growth ratio of 1.77 and a beta of 0.62. The stock has a 50 day simple moving average of $355.54 and a two-hundred day simple moving average of $321.84.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.47 earnings per share. On average, analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio (DPR) is 58.62%.

L3Harris Technologies Company Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.