Synovus Financial Corp Trims Position in L3Harris Technologies, Inc. (NYSE:LHX)

Synovus Financial Corp decreased its position in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 70.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,019 shares of the company's stock after selling 4,715 shares during the quarter. Synovus Financial Corp's holdings in L3Harris Technologies were worth $425,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in LHX. Meeder Asset Management Inc. raised its holdings in shares of L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after purchasing an additional 82 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in L3Harris Technologies during the 4th quarter worth about $26,000. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of L3Harris Technologies during the 4th quarter worth about $27,000. Roxbury Financial LLC purchased a new position in shares of L3Harris Technologies in the 4th quarter valued at about $30,000. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of L3Harris Technologies during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays dropped their price target on shares of L3Harris Technologies from $290.00 to $255.00 and set an "overweight" rating on the stock in a research note on Monday, January 6th. Jefferies Financial Group reduced their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Bank of America dropped their price objective on L3Harris Technologies from $300.00 to $265.00 and set a "buy" rating on the stock in a report on Tuesday, February 4th. Royal Bank of Canada reissued a "sector perform" rating and issued a $240.00 target price on shares of L3Harris Technologies in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. cut their price target on L3Harris Technologies from $265.00 to $255.00 and set an "overweight" rating on the stock in a research report on Friday, January 31st. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $257.50.

Insider Buying and Selling

In related news, insider Edward J. Zoiss sold 1,783 shares of the company's 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 owns 30,620 shares of the company's stock, valued at approximately $6,475,517.60. This represents a 5.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jon Rambeau sold 3,178 shares of the firm's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $226.00, for a total value of $718,228.00. Following the transaction, the insider now directly owns 2,797 shares of the company's stock, valued at $632,122. The trade was a 53.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.

L3Harris Technologies Price Performance

NYSE:LHX traded up $3.06 during trading hours on Wednesday, hitting $218.14. The company's stock had a trading volume of 363,199 shares, compared to its average volume of 1,006,295. L3Harris Technologies, Inc. has a 52-week low of $193.09 and a 52-week high of $265.74. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. The business's 50-day moving average is $209.44 and its two-hundred day moving average is $222.63. The company has a market capitalization of $40.95 billion, a PE ratio of 27.72, a PEG ratio of 2.42 and a beta of 0.71.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. As a group, research analysts anticipate that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio (DPR) is 60.99%.

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.