L3Harris Technologies Inc $LHX Shares Sold by First Merchants Corp

First Merchants Corp reduced its holdings in shares of L3Harris Technologies Inc (NYSE:LHX) by 7.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,418 shares of the company’s stock after selling 1,497 shares during the quarter. First Merchants Corp’s holdings in L3Harris Technologies were worth $5,701,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Victory Capital Management Inc. increased its stake in shares of L3Harris Technologies by 1,053.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock worth $360,964,000 after purchasing an additional 1,079,474 shares in the last quarter. Boston Partners lifted its stake in L3Harris Technologies by 72.1% in the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after buying an additional 838,546 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in L3Harris Technologies by 8,284.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock valued at $194,482,000 after buying an additional 766,075 shares in the last quarter. Artisan Partners Limited Partnership acquired a new stake in L3Harris Technologies during the 3rd quarter valued at $211,703,000. Finally, Two Sigma Investments LP increased its position in L3Harris Technologies by 560.7% during the third quarter. Two Sigma Investments LP now owns 614,287 shares of the company’s stock worth $187,609,000 after buying an additional 521,312 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Activity

In related news, VP Melanie Rakita sold 2,378 shares of the business’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 value of $811,968.10. Following the completion of the sale, the vice president directly owned 4,882 shares in the company, valued at approximately $1,666,958.90. The trade was a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Samir Mehta sold 5,528 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the transaction, the insider directly owned 7,756 shares of the company’s stock, valued at $2,872,201.92. This trade represents a 41.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,025 shares of company stock valued at $6,824,370 in the last 90 days. 0.72% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, February 6th. Wolfe Research reiterated an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Morgan Stanley upped their target price on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Finally, Royal Bank Of Canada raised 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 note on Friday, January 30th. One investment 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $328.57.

L3Harris Technologies Price Performance

LHX stock opened at $352.25 on Thursday. L3Harris Technologies Inc has a 52-week low of $195.72 and a 52-week high of $379.23. The stock’s fifty day simple moving average is $354.06 and its 200-day simple moving average is $313.51. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $65.79 billion, a price-to-earnings ratio of 41.29, a price-to-earnings-growth ratio of 2.54 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating 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 return on equity of 10.43% and a net margin of 7.35%.The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.47 earnings per share. Equities research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio is currently 58.62%.

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.