L3Harris Technologies, Inc. (NYSE:LHX) Shares Purchased by Somerset Trust Co

Somerset Trust Co raised its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 4.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,113 shares of the company’s stock after acquiring an additional 785 shares during the quarter. L3Harris Technologies makes up 1.4% of Somerset Trust Co’s portfolio, making the stock its 27th biggest position. Somerset Trust Co’s holdings in L3Harris Technologies were worth $3,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Merit Financial Group LLC grew its position in shares of L3Harris Technologies by 20.5% in the 4th quarter. Merit Financial Group LLC now owns 5,652 shares of the company’s stock worth $1,188,000 after acquiring an additional 961 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services boosted its holdings in L3Harris Technologies by 0.3% in the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 28,389 shares of the company’s stock worth $5,970,000 after purchasing an additional 77 shares during the period. Wealthcare Advisory Partners LLC boosted its holdings in L3Harris Technologies by 29.4% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 1,308 shares of the company’s stock worth $275,000 after purchasing an additional 297 shares during the period. Bennett Associates Wealth Management increased its stake in L3Harris Technologies by 5.7% during the fourth quarter. Bennett Associates Wealth Management now owns 1,436 shares of the company’s stock valued at $302,000 after purchasing an additional 77 shares during the last quarter. Finally, Salvus Wealth Management LLC acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth $317,000. 84.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $223.62, for a total transaction of $394,465.68. Following the completion of the sale, the insider now owns 8,576 shares in the company, valued at approximately $1,917,765.12. This represents a 17.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 7,889 shares of company stock worth $1,800,572. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

LHX has been the topic of a number of research reports. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft dropped their target price 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. Susquehanna reduced their price target on shares of L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Citigroup increased their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and reduced their target price for the company from $289.00 to $267.00 in a research note on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $266.19.

L3Harris Technologies Stock Performance

LHX opened at $218.22 on Friday. The business has a 50 day moving average price of $228.12 and a two-hundred day moving average price of $232.99. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The company has a market capitalization of $41.39 billion, a price-to-earnings ratio of 34.47, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. L3Harris Technologies, Inc. has a 1-year low of $200.18 and a 1-year high of $265.74.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data 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 business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.19 earnings per share. Research analysts predict that L3Harris Technologies, Inc. will post 13.07 EPS for the current fiscal year.

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.