Appian Way Asset Management LP Sells 2,300 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Appian Way Asset Management LP lessened its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 4.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,703 shares of the company’s stock after selling 2,300 shares during the quarter. L3Harris Technologies comprises 2.7% of Appian Way Asset Management LP’s holdings, making the stock its 12th biggest position. Appian Way Asset Management LP’s holdings in L3Harris Technologies were worth $10,713,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Meeder Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after purchasing an additional 86 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in L3Harris Technologies during the 4th quarter valued at about $28,000. EntryPoint Capital LLC raised its stake in L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after buying an additional 69 shares during the last quarter. Versant Capital Management Inc boosted its holdings in L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after acquiring an additional 80 shares in the last quarter. Finally, Family Firm Inc. acquired a new stake in L3Harris Technologies in the second quarter worth about $45,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on LHX shares. Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Wells Fargo & Company lowered their price objective on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft downgraded L3Harris Technologies from a “buy” rating to a “hold” rating and upped their target price for the company from $245.00 to $257.00 in a research report on Friday, July 26th. Barclays lifted their price target on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Susquehanna boosted their price target on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and nine 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 price target of $247.08.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, SVP Scott T. Mikuen sold 10,527 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $230.00, for a total transaction of $2,421,210.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $10,951,680. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Scott T. Mikuen sold 15,887 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the transaction, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at $11,189,760. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Scott T. Mikuen sold 10,527 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $230.00, for a total transaction of $2,421,210.00. Following the sale, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at approximately $10,951,680. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,402 shares of company stock valued at $6,861,855. 0.82% of the stock is owned by corporate insiders.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock opened at $237.73 on Tuesday. The firm has a market cap of $45.09 billion, a PE ratio of 38.59, a P/E/G ratio of 1.95 and a beta of 0.73. L3Harris Technologies, Inc. has a twelve month low of $160.25 and a twelve month high of $245.60. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. The business has a 50-day moving average price of $231.42 and a 200 day moving average price of $222.04.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.30 billion. During the same period in the prior year, the company posted $2.97 EPS. The business’s quarterly revenue was up 12.9% on a year-over-year basis. Sell-side analysts predict that L3Harris Technologies, Inc. will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were given a dividend of $1.16 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $4.64 annualized dividend and a dividend yield of 1.95%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

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.