Payden & Rygel Reduces Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Payden & Rygel lessened its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 58.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,400 shares of the company's stock after selling 52,000 shares during the period. Payden & Rygel's holdings in L3Harris Technologies were worth $7,654,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in LHX. Vanguard Group Inc. increased its holdings in 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 buying an additional 401,168 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 valued at $1,004,418,000 after buying an additional 53,787 shares during the period. Raymond James Financial Inc. purchased a new position in shares of L3Harris Technologies in the 4th quarter worth $398,507,000. Charles Schwab Investment Management Inc. grew its holdings in shares of L3Harris Technologies by 2.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,210,107 shares of the company's stock worth $254,461,000 after acquiring an additional 32,979 shares during the period. Finally, Boston Partners increased its position in L3Harris Technologies by 20.2% during the fourth quarter. Boston Partners now owns 1,178,741 shares of the company's stock valued at $247,893,000 after acquiring an additional 198,243 shares during the last quarter. Institutional investors own 84.76% of the company's stock.

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Wall Street Analyst Weigh In

Several brokerages have recently weighed in on LHX. Susquehanna lowered their price objective on shares of L3Harris Technologies from $300.00 to $258.00 and set a "positive" rating on the stock in a research note on Wednesday, January 8th. Bank of America dropped their price target on shares of L3Harris Technologies from $300.00 to $265.00 and set a "buy" rating on the stock in a research note on Tuesday, February 4th. Morgan Stanley decreased their target price on L3Harris Technologies from $260.00 to $250.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 4th. Sanford C. Bernstein raised L3Harris Technologies from a "market perform" rating to an "outperform" rating and cut their price target for the company from $289.00 to $267.00 in a report on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on L3Harris Technologies from $250.00 to $229.00 and set a "hold" rating on the stock in a research report on Thursday, January 2nd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average price target of $256.56.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock traded down $1.07 during trading hours on Thursday, reaching $213.28. The company's stock had a trading volume of 1,784,666 shares, compared to its average volume of 987,919. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90. L3Harris Technologies, Inc. has a one year low of $193.09 and a one year high of $265.74. The firm has a 50 day moving average price of $207.38 and a 200-day moving average price of $223.92. The stock has a market cap of $40.04 billion, a P/E ratio of 26.98, a P/E/G ratio of 2.42 and a beta of 0.71.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. On average, analysts predict that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Monday, March 10th were paid a $1.20 dividend. This is a positive change from L3Harris Technologies's previous quarterly dividend of $1.16. The ex-dividend date was Monday, March 10th. This represents a $4.80 dividend on an annualized basis and a yield of 2.25%. L3Harris Technologies's dividend payout ratio (DPR) is presently 60.99%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 1,783 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the completion of the sale, the insider now owns 30,620 shares in the company, valued at $6,475,517.60. This represents a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon Rambeau sold 3,178 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $226.00, for a total transaction of $718,228.00. Following the completion of the sale, the insider now owns 2,797 shares in the company, valued at $632,122. This represents a 53.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company's stock.

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.