Cinctive Capital Management LP Grows Position in L3Harris Technologies, Inc. (NYSE:LHX)

Cinctive Capital Management LP raised its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 25.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,415 shares of the company’s stock after acquiring an additional 1,288 shares during the quarter. Cinctive Capital Management LP’s holdings in L3Harris Technologies were worth $1,349,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in LHX. Meeder Asset Management Inc. raised its stake in L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock valued at $25,000 after purchasing an additional 82 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in shares of L3Harris Technologies during the fourth quarter worth about $26,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of L3Harris Technologies in the fourth quarter valued at approximately $27,000. Roxbury Financial LLC purchased a new position in shares of L3Harris Technologies during the fourth quarter valued at approximately $30,000. Finally, Union Bancaire Privee UBP SA acquired a new stake in L3Harris Technologies during the fourth quarter worth approximately $33,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on LHX shares. Wells Fargo & Company reduced their price target on L3Harris Technologies from $269.00 to $268.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Susquehanna reduced their target price on L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Morgan Stanley lowered their price target on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Truist Financial cut their price objective on shares of L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $260.69.

L3Harris Technologies Stock Down 1.0 %

Shares of L3Harris Technologies stock opened at $209.71 on Friday. L3Harris Technologies, Inc. has a twelve month low of $193.09 and a twelve month high of $265.74. The stock has a market cap of $39.37 billion, a price-to-earnings ratio of 26.65, a price-to-earnings-growth ratio of 2.42 and a beta of 0.71. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. The company has a fifty day moving average price of $208.53 and a 200 day moving average price of $225.03.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, January 30th. The company reported $3.47 EPS for the quarter, topping analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. Equities research analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were paid a dividend of $1.20 per share. The ex-dividend date was Monday, March 10th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.29%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s dividend payout ratio (DPR) is currently 60.99%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 1,783 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the sale, the insider now directly owns 30,620 shares in the company, valued at $6,475,517.60. The trade was a 5.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jon Rambeau sold 3,178 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $226.00, for a total value of $718,228.00. Following the transaction, the insider now owns 2,797 shares of the company’s stock, valued at approximately $632,122. This trade represents a 53.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.72% 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.