Bridges Investment Management Inc. Cuts Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Bridges Investment Management Inc. reduced its position in L3Harris Technologies, Inc. (NYSE:LHX) by 2.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,910 shares of the company’s stock after selling 248 shares during the period. Bridges Investment Management Inc.’s holdings in L3Harris Technologies were worth $2,119,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Quantbot Technologies LP bought a new position in shares of L3Harris Technologies during the first quarter valued at $1,586,000. Empowered Funds LLC boosted its holdings in shares of L3Harris Technologies by 201.4% during the 1st quarter. Empowered Funds LLC now owns 10,404 shares of the company’s stock valued at $2,217,000 after acquiring an additional 6,952 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of L3Harris Technologies in the first quarter worth approximately $4,177,000. Atomi Financial Group Inc. purchased a new position in shares of L3Harris Technologies during the first quarter valued at approximately $529,000. Finally, Sei Investments Co. lifted its position in L3Harris Technologies by 1.8% during the first quarter. Sei Investments Co. now owns 171,514 shares of the company’s stock valued at $36,550,000 after purchasing an additional 3,099 shares during the period. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Trading Up 2.3 %

Shares of L3Harris Technologies stock opened at $260.60 on Friday. 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 fifty day moving average of $240.87 and a 200 day moving average of $230.43. The company has a market capitalization of $49.43 billion, a P/E ratio of 41.17, a P/E/G ratio of 2.14 and a beta of 0.72. L3Harris Technologies, Inc. has a fifty-two week low of $179.56 and a fifty-two week high of $261.75.

L3Harris Technologies (NYSE:LHX) last released its earnings results 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. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter last year, the business posted $3.19 earnings per share. The firm’s revenue was up 7.7% on a year-over-year basis. On average, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on LHX shares. Barclays boosted their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Truist Financial upped their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Royal Bank of Canada increased their target price on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Finally, Wells Fargo & Company increased their price objective 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. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $267.50.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now directly owns 16,316 shares in the company, valued at approximately $3,861,670.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 8,964 shares of company stock worth $2,179,119. 0.82% of the stock is owned by insiders.

L3Harris Technologies Company 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.