Otter Creek Advisors LLC Trims Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Otter Creek Advisors LLC decreased its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 86.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,884 shares of the company's stock after selling 12,504 shares during the period. Otter Creek Advisors LLC's holdings in L3Harris Technologies were worth $448,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in LHX. Meeder Asset Management Inc. grew its position in L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company's stock worth $27,000 after purchasing an additional 86 shares in the last quarter. Archer Investment Corp boosted its holdings in shares of L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company's stock worth $31,000 after buying an additional 43 shares during the last quarter. EntryPoint Capital LLC raised its position in L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company's stock worth $36,000 after acquiring an additional 69 shares during the period. Kennebec Savings Bank bought a new position in shares of L3Harris Technologies during the 3rd quarter valued at approximately $36,000. Finally, Versant Capital Management Inc lifted its stake in L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company's stock valued at $41,000 after purchasing an additional 80 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on LHX. Truist Financial lifted their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, October 28th. StockNews.com upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Monday, October 28th. Barclays increased their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an "overweight" rating in a report on Tuesday, July 30th. Susquehanna increased their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a "positive" rating in a research note on Monday, July 29th. Finally, Bank of America raised shares of L3Harris Technologies from a "neutral" rating to a "buy" rating and upped their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $267.50.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the firm's stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the sale, the insider now directly owns 13,328 shares of the company's stock, valued at $3,261,095.04. This trade represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 8,964 shares of company stock worth $2,179,119. 0.82% of the stock is currently owned by company insiders.

L3Harris Technologies Trading Up 0.5 %

Shares of L3Harris Technologies stock traded up $1.11 during trading on Friday, reaching $247.71. The company's stock had a trading volume of 355,870 shares, compared to its average volume of 907,829. The company has a market cap of $46.98 billion, a price-to-earnings ratio of 39.06, a PEG ratio of 2.03 and a beta of 0.72. The firm's 50-day moving average is $244.49 and its two-hundred day moving average is $232.91. L3Harris Technologies, Inc. has a 52-week low of $187.37 and a 52-week high of $265.74. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. L3Harris Technologies's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $3.19 EPS. On average, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 1.87%. L3Harris Technologies's payout ratio is currently 73.30%.

L3Harris Technologies 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.