Herbst Group LLC Cuts Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Herbst Group LLC lessened its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 4.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,685 shares of the company’s stock after selling 500 shares during the period. Herbst Group LLC’s holdings in L3Harris Technologies were worth $2,037,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Edgestream Partners L.P. lifted its position in L3Harris Technologies by 18.1% during the 2nd quarter. Edgestream Partners L.P. now owns 4,557 shares of the company’s stock worth $1,023,000 after acquiring an additional 698 shares during the period. Blair William & Co. IL increased its stake in shares of L3Harris Technologies by 1.9% in the second quarter. Blair William & Co. IL now owns 30,600 shares of the company’s stock worth $6,872,000 after acquiring an additional 575 shares during the period. Intech Investment Management LLC raised its holdings in shares of L3Harris Technologies by 261.5% during the second quarter. Intech Investment Management LLC now owns 13,834 shares of the company’s stock worth $3,107,000 after purchasing an additional 10,007 shares during the last quarter. Brighton Jones LLC lifted its position in L3Harris Technologies by 3.5% during the second quarter. Brighton Jones LLC now owns 1,616 shares of the company’s stock valued at $363,000 after purchasing an additional 55 shares during the period. Finally, Ieq Capital LLC boosted its holdings in L3Harris Technologies by 23.8% in the second quarter. Ieq Capital LLC now owns 13,308 shares of the company’s stock valued at $2,989,000 after purchasing an additional 2,560 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Susquehanna decreased their price objective on shares of L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and cut their price target for the stock from $289.00 to $267.00 in a report on Wednesday, January 8th. Royal Bank of Canada increased their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Citigroup boosted their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company decreased their price target on shares of L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 11th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $266.19.

L3Harris Technologies Stock Down 0.1 %

L3Harris Technologies stock opened at $218.22 on Friday. The stock’s 50 day moving average price is $227.28 and its 200 day moving average price is $232.97. The company has a market cap of $41.39 billion, a PE ratio of 34.47, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies, Inc. has a 1-year low of $200.18 and a 1-year high of $265.74.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the prior year, the business posted $3.19 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, sell-side analysts predict that L3Harris Technologies, Inc. will post 13.07 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 1,764 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $223.62, for a total value of $394,465.68. Following the completion of the transaction, the insider now directly owns 8,576 shares in the company, valued at approximately $1,917,765.12. This represents a 17.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 7,889 shares of company stock worth $1,800,572 in the last ninety days. Insiders own 0.87% of the company’s stock.

About L3Harris Technologies

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.