Washington Trust Bank Sells 1,499 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Washington Trust Bank lowered its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,649 shares of the company’s stock after selling 1,499 shares during the quarter. Washington Trust Bank’s holdings in L3Harris Technologies were worth $10,440,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Adams Diversified Equity Fund Inc. bought a new position in L3Harris Technologies during the fourth quarter valued at $17,453,000. Independent Solutions Wealth Management LLC lifted its position in L3Harris Technologies by 11.6% during the fourth quarter. Independent Solutions Wealth Management LLC now owns 1,175 shares of the company’s stock valued at $247,000 after purchasing an additional 122 shares during the last quarter. Magnetar Financial LLC raised its stake in shares of L3Harris Technologies by 21.6% in the fourth quarter. Magnetar Financial LLC now owns 29,211 shares of the company’s stock valued at $6,142,000 after acquiring an additional 5,187 shares during the period. Teacher Retirement System of Texas raised its stake in shares of L3Harris Technologies by 235.2% in the fourth quarter. Teacher Retirement System of Texas now owns 11,190 shares of the company’s stock valued at $2,353,000 after acquiring an additional 7,852 shares during the period. Finally, Sandy Spring Bank raised its stake in shares of L3Harris Technologies by 1.6% in the fourth quarter. Sandy Spring Bank now owns 20,624 shares of the company’s stock valued at $4,337,000 after acquiring an additional 315 shares during the period. Institutional investors own 84.76% of the company’s stock.

Insider Activity

In other news, insider Ross Niebergall sold 1,373 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $210.06, for a total value of $288,412.38. Following the sale, the insider now directly owns 5,049 shares in the company, valued at approximately $1,060,592.94. This trade represents a 21.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jon Rambeau sold 3,178 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $226.00, for a total transaction of $718,228.00. Following the completion of the sale, the insider now owns 2,797 shares in the company, valued at $632,122. This represents a 53.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,098 shares of company stock worth $1,760,588. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LHX. Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and reduced their target price for the company from $289.00 to $267.00 in a research note on Wednesday, January 8th. Raymond James downgraded shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Morgan Stanley reduced their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $240.00 target price on shares of L3Harris Technologies in a research note on Friday, January 31st. Finally, UBS Group increased their target price on shares of L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $261.40.

L3Harris Technologies Trading Down 0.8 %

NYSE LHX opened at $208.15 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. The company has a market capitalization of $39.07 billion, a price-to-earnings ratio of 26.45, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74. The company’s 50-day simple moving average is $209.80 and its two-hundred day simple moving average is $226.26. L3Harris Technologies, Inc. has a one year low of $193.09 and a one year high of $265.74.

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

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were issued a $1.20 dividend. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.16. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Monday, March 10th. L3Harris Technologies’s dividend payout ratio (DPR) is currently 60.99%.

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.