Adage Capital Partners GP L.L.C. Has $18.28 Million Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Adage Capital Partners GP L.L.C. lessened its holdings in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 51.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 86,906 shares of the company's stock after selling 91,953 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in L3Harris Technologies were worth $18,275,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of L3Harris Technologies by 1.8% in the 4th quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company's stock worth $4,895,534,000 after purchasing an additional 401,168 shares during the last quarter. Geode Capital Management LLC grew its position in shares of L3Harris Technologies by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock worth $1,004,418,000 after buying an additional 53,787 shares during the period. FMR LLC increased its stake in shares of L3Harris Technologies by 11.5% in the 4th quarter. FMR LLC now owns 2,261,999 shares of the company's stock valued at $475,653,000 after acquiring an additional 233,968 shares during the last quarter. Invesco Ltd. raised its position in shares of L3Harris Technologies by 30.5% in the 4th quarter. Invesco Ltd. now owns 2,235,077 shares of the company's stock valued at $469,992,000 after acquiring an additional 522,861 shares during the period. Finally, Raymond James Financial Inc. bought a new position in L3Harris Technologies during the 4th quarter worth approximately $398,507,000. 84.76% of the stock is owned by institutional investors.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Jon Rambeau sold 3,178 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $226.00, for a total transaction of $718,228.00. Following the transaction, the insider now owns 2,797 shares in the company, valued at $632,122. This represents a 53.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 1,783 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total value of $377,068.84. Following the sale, the insider now directly owns 30,620 shares in the company, valued at $6,475,517.60. This represents a 5.50 % decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $216.37 on Friday. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The business's 50 day moving average price is $210.58 and its two-hundred day moving average price is $222.10. The company has a market cap of $40.62 billion, a PE ratio of 27.49, a price-to-earnings-growth ratio of 2.42 and a beta of 0.71. L3Harris Technologies, Inc. has a twelve month low of $193.09 and a twelve month high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, missing analysts' consensus estimates of $2.55 by ($0.14). L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. On average, analysts predict that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Tuesday, June 3rd. L3Harris Technologies's payout ratio is 60.99%.

Analyst Ratings Changes

Several equities research analysts have weighed in on LHX shares. Deutsche Bank Aktiengesellschaft cut their target price on shares of L3Harris Technologies from $250.00 to $229.00 and set a "hold" rating on the stock in a report on Thursday, January 2nd. Wells Fargo & Company dropped their price target on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Bank of America lowered their target price on L3Harris Technologies from $300.00 to $265.00 and set a "buy" rating for the company in a research note on Tuesday, February 4th. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and upped their price target for the company from $198.00 to $263.00 in a report on Friday, April 11th. Finally, Morgan Stanley reduced their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $257.25.

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.

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