State of Alaska Department of Revenue Decreases Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

State of Alaska Department of Revenue lessened its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 7.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,583 shares of the company’s stock after selling 2,080 shares during the period. State of Alaska Department of Revenue’s holdings in L3Harris Technologies were worth $5,877,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in LHX. Capital World Investors lifted its holdings in L3Harris Technologies by 26.0% during the fourth quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock valued at $3,381,784,000 after purchasing an additional 3,308,506 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of L3Harris Technologies by 15.4% during the 4th quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock valued at $4,251,683,000 after buying an additional 2,692,771 shares in the last quarter. Mizuho Markets Americas LLC boosted its holdings in L3Harris Technologies by 990.3% in the 4th quarter. Mizuho Markets Americas LLC now owns 2,204,675 shares of the company’s stock worth $464,349,000 after buying an additional 2,002,475 shares during the period. Norges Bank purchased a new position in L3Harris Technologies in the 4th quarter valued at approximately $325,147,000. Finally, Wellington Management Group LLP raised its holdings in L3Harris Technologies by 34.7% during the 4th quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock valued at $930,288,000 after acquiring an additional 1,138,549 shares during the period. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $224.44 on Thursday. L3Harris Technologies, Inc. has a fifty-two week low of $160.25 and a fifty-two week high of $228.13. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.80 and a current ratio of 0.98. The stock has a market cap of $42.57 billion, a P/E ratio of 36.44, a price-to-earnings-growth ratio of 1.87 and a beta of 0.72. The firm’s fifty day moving average price is $220.29 and its 200-day moving average price is $213.05.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.17. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The business had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.11 billion. During the same quarter last year, the business posted $2.86 earnings per share. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities research analysts expect that L3Harris Technologies, Inc. will post 12.93 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th were paid a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 2.07%. The ex-dividend date was Tuesday, June 4th. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $225.11, for a total value of $5,627,750.00. Following the completion of the sale, the chief executive officer now directly owns 120,326 shares in the company, valued at approximately $27,086,585.86. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Christopher E. Kubasik sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $225.11, for a total transaction of $5,627,750.00. Following the transaction, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $27,086,585.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher E. Kubasik sold 26,190 shares of the business’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total value of $5,911,083.00. Following the completion of the sale, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at approximately $27,157,578.20. The disclosure for this sale can be found here. Insiders have sold 82,898 shares of company stock worth $18,558,167 over the last ninety days. Insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Barclays raised their price target on L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. Alembic Global Advisors upgraded L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 target price for the company in a research note on Monday, April 22nd. Royal Bank of Canada upped their price target on L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, April 29th. JPMorgan Chase & Co. raised their price objective on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, Wells Fargo & Company boosted their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $231.80.

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.