Cullen Investment Group LTD. Lowers Holdings in L3Harris Technologies Inc $LHX

Cullen Investment Group LTD. lowered its position in L3Harris Technologies Inc (NYSE:LHX) by 33.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,569 shares of the company’s stock after selling 2,768 shares during the quarter. Cullen Investment Group LTD.’s holdings in L3Harris Technologies were worth $1,635,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Clark Financial Services Group Inc. BD lifted its holdings in shares of L3Harris Technologies by 1.9% in the 4th quarter. Clark Financial Services Group Inc. BD now owns 1,909 shares of the company’s stock worth $594,000 after buying an additional 36 shares during the period. Twin Lakes Capital Management LLC increased its stake in shares of L3Harris Technologies by 0.3% during the third quarter. Twin Lakes Capital Management LLC now owns 14,340 shares of the company’s stock valued at $4,380,000 after buying an additional 38 shares during the period. Lantern Wealth Advisors LLC raised its holdings in shares of L3Harris Technologies by 0.8% in the third quarter. Lantern Wealth Advisors LLC now owns 4,699 shares of the company’s stock valued at $1,435,000 after acquiring an additional 38 shares in the last quarter. Patrick M Sweeney & Associates Inc. raised its holdings in shares of L3Harris Technologies by 3.8% in the second quarter. Patrick M Sweeney & Associates Inc. now owns 1,095 shares of the company’s stock valued at $280,000 after acquiring an additional 40 shares in the last quarter. Finally, Moment Partners LLC lifted its stake in L3Harris Technologies by 1.6% in the third quarter. Moment Partners LLC now owns 2,501 shares of the company’s stock worth $764,000 after acquiring an additional 40 shares during the period. 84.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Jon Rambeau sold 5,528 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the sale, the insider owned 7,660 shares of the company’s stock, valued at $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Melanie Rakita sold 2,378 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $341.45, for a total transaction of $811,968.10. Following the completion of the sale, the vice president owned 4,882 shares of the company’s stock, valued at approximately $1,666,958.90. This trade represents a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,025 shares of company stock worth $6,824,370 in the last 90 days. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Price Performance

Shares of LHX stock opened at $352.25 on Thursday. The stock’s 50-day moving average is $354.06 and its 200 day moving average is $313.51. L3Harris Technologies Inc has a 1-year low of $195.72 and a 1-year high of $379.23. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02. The company has a market cap of $65.79 billion, a P/E ratio of 41.29, a PEG ratio of 2.54 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $3.47 earnings per share. Research analysts predict 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 20th. Stockholders of record on Friday, March 6th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, March 6th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is presently 58.62%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Sanford C. Bernstein reiterated an “outperform” rating on shares of L3Harris Technologies in a report on Friday, February 6th. Wolfe Research restated an “outperform” rating on shares of L3Harris Technologies in a report on Friday, January 30th. Royal Bank Of Canada upped their price target on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a research report on Friday, January 30th. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Finally, Wall Street Zen lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $328.57.

L3Harris Technologies Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.