Congress Asset Management Co. MA Sells 54983 Shares of L3Harris Technologies, Inc. (NYSE:LHX) – Defense World
Posted by admin on Jul 3rd, 2022 
Congress Asset Management Co. MA lowered its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) by 97.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,655 shares of the company’s stock after selling 54,983 shares during the quarter. Congress Asset Management Co. MA’s holdings in L3Harris Technologies were worth $411,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. Capital World Investors grew its holdings in L3Harris Technologies by 24.3% during the fourth quarter. Capital World Investors now owns 14,871,240 shares of the company’s stock worth $3,171,143,000 after buying an additional 2,906,014 shares in the last quarter. Brown Advisory Inc. grew its holdings in L3Harris Technologies by 3.3% during the fourth quarter. Brown Advisory Inc. now owns 2,369,023 shares of the company’s stock worth $505,170,000 after buying an additional 76,789 shares in the last quarter. Norges Bank bought a new stake in L3Harris Technologies during the fourth quarter worth $324,398,000. Millennium Management LLC grew its holdings in L3Harris Technologies by 1,598.2% during the fourth quarter. Millennium Management LLC now owns 1,228,124 shares of the company’s stock worth $261,885,000 after buying an additional 1,155,803 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in L3Harris Technologies by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 989,839 shares of the company’s stock valued at $211,074,000 after purchasing an additional 9,750 shares during the period. Institutional investors and hedge funds own 80.15% of the company’s stock.
LHX has been the subject of a number of recent analyst reports. StockNews.com downgraded L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Friday, April 29th. Wells Fargo & Company upped their price objective on L3Harris Technologies from $240.00 to $291.00 and gave the company an “overweight” rating in a research note on Monday, March 7th. Jefferies Financial Group reduced their price objective on L3Harris Technologies from $320.00 to $300.00 in a research note on Monday, May 2nd. Susquehanna reduced their price objective on L3Harris Technologies from $302.00 to $298.00 in a research note on Monday, May 2nd. Finally, Susquehanna Bancshares reduced their price objective on L3Harris Technologies from $302.00 to $298.00 in a research note on Monday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $265.09.
Shares of NYSE LHX opened at $243.24 on Friday. L3Harris Technologies, Inc. has a one year low of $200.71 and a one year high of $279.71. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.32 and a quick ratio of 1.09. The business’s fifty day moving average price is $236.76 and its 200-day moving average price is $234.77. The stock has a market capitalization of $46.91 billion, a PE ratio of 26.15, a P/E/G ratio of 3.91 and a beta of 0.76.
L3Harris Technologies (NYSE:LHX – Get Rating) last issued its quarterly earnings data on Thursday, April 28th. The company reported $3.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.02 by $0.10. The business had revenue of $4.10 billion for the quarter, compared to analysts’ expectations of $4.13 billion. L3Harris Technologies had a return on equity of 13.18% and a net margin of 10.68%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.18 EPS. As a group, equities analysts expect that L3Harris Technologies, Inc. will post 13.6 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 17th. Investors of record on Friday, June 3rd were issued a dividend of $1.12 per share. The ex-dividend date was Thursday, June 2nd. This represents a $4.48 dividend on an annualized basis and a yield of 1.84%. L3Harris Technologies’s dividend payout ratio (DPR) is 48.17%.
About L3Harris Technologies (Get Rating)
L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions.
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