ARK Investment Management LLC Trims Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

ARK Investment Management LLC reduced its position in L3Harris Technologies, Inc. (NYSE:LHX) by 10.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 59,355 shares of the company’s stock after selling 7,144 shares during the period. ARK Investment Management LLC’s holdings in L3Harris Technologies were worth $14,119,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in LHX. Principal Financial Group Inc. increased its holdings in shares of L3Harris Technologies by 2.0% in the 3rd quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock valued at $52,395,000 after acquiring an additional 4,321 shares during the period. Forte Capital LLC ADV raised its holdings in shares of L3Harris Technologies by 2.7% in the third quarter. Forte Capital LLC ADV now owns 3,942 shares of the company’s stock valued at $938,000 after buying an additional 104 shares during the last quarter. Concurrent Investment Advisors LLC boosted its stake in shares of L3Harris Technologies by 2.0% during the third quarter. Concurrent Investment Advisors LLC now owns 18,253 shares of the company’s stock worth $4,342,000 after buying an additional 352 shares during the period. HMS Capital Management LLC grew its holdings in shares of L3Harris Technologies by 1.0% during the third quarter. HMS Capital Management LLC now owns 4,850 shares of the company’s stock worth $1,154,000 after buying an additional 47 shares during the last quarter. Finally, Crestwood Advisors Group LLC increased its holdings in shares of L3Harris Technologies by 4.6% in the third quarter. Crestwood Advisors Group LLC now owns 1,659 shares of the company’s stock valued at $395,000 after purchasing an additional 73 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the transaction, the insider now owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 8,964 shares of company stock valued at $2,179,119. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on LHX. Wells Fargo & Company raised their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a report on Thursday, October 10th. Truist Financial raised their target price on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a report on Monday, October 28th. Royal Bank of Canada upped their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Finally, StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $267.50.

L3Harris Technologies Stock Down 0.6 %

LHX opened at $254.81 on Friday. L3Harris Technologies, Inc. has a 1 year low of $179.56 and a 1 year high of $260.00. The firm has a 50 day moving average price of $239.97 and a 200 day moving average price of $229.89. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The company has a market cap of $48.33 billion, a PE ratio of 40.25, a price-to-earnings-growth ratio of 2.06 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.19 earnings per share. Sell-side analysts expect that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.82%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

L3Harris Technologies Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.