State of Michigan Retirement System Has $11.76 Million Stake in L3Harris Technologies, Inc. (NYSE:LHX)

State of Michigan Retirement System lowered its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,930 shares of the company’s stock after selling 600 shares during the quarter. State of Michigan Retirement System’s holdings in L3Harris Technologies were worth $11,761,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of LHX. Steward Partners Investment Advisory LLC lifted its holdings in shares of L3Harris Technologies by 5.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 64,192 shares of the company’s stock valued at $13,498,000 after purchasing an additional 3,541 shares in the last quarter. DJE Kapital AG purchased a new stake in L3Harris Technologies in the 4th quarter valued at $339,000. SBI Securities Co. Ltd. bought a new position in L3Harris Technologies during the 4th quarter valued at $132,000. Jones Financial Companies Lllp boosted its holdings in L3Harris Technologies by 158.9% during the 4th quarter. Jones Financial Companies Lllp now owns 3,715 shares of the company’s stock worth $781,000 after acquiring an additional 2,280 shares during the last quarter. Finally, Modera Wealth Management LLC grew its stake in shares of L3Harris Technologies by 2.6% in the 4th quarter. Modera Wealth Management LLC now owns 6,842 shares of the company’s stock worth $1,439,000 after acquiring an additional 176 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 1,764 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $213.65, for a total value of $376,878.60. Following the completion of the sale, the insider now directly owns 6,812 shares of the company’s stock, valued at $1,455,383.80. This trade represents a 20.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 4,901 shares of company stock valued at $1,059,757 in the last three months. Corporate insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Barclays reduced their target price on L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, January 6th. Citigroup reduced their price objective on L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Susquehanna lowered their target price on L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating on the stock in a research note on Wednesday, January 8th. Wells Fargo & Company reduced their price target on shares of L3Harris Technologies from $300.00 to $269.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Finally, Sanford C. Bernstein upgraded shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $289.00 to $267.00 in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $261.47.

L3Harris Technologies Trading Up 1.8 %

L3Harris Technologies stock opened at $210.84 on Thursday. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. L3Harris Technologies, Inc. has a 12-month low of $193.09 and a 12-month high of $265.74. The firm has a market capitalization of $39.70 billion, a price-to-earnings ratio of 26.79, a P/E/G ratio of 2.42 and a beta of 0.74. The firm has a 50 day moving average of $208.77 and a 200 day moving average of $227.82.

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

L3Harris Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, March 10th. This represents a $4.80 annualized dividend and a yield of 2.28%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.16. 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.