New World Advisors LLC Cuts Position in L3Harris Technologies, Inc. (NYSE:LHX)

New World Advisors LLC cut its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 9.0% in the 4th quarter, Holdings Channel reports. The fund owned 1,520 shares of the company’s stock after selling 150 shares during the quarter. New World Advisors LLC’s holdings in L3Harris Technologies were worth $320,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Roxbury Financial LLC purchased a new stake in L3Harris Technologies during the fourth quarter valued at about $30,000. Archer Investment Corp boosted its position in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after buying an additional 43 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in L3Harris Technologies during the fourth quarter valued at about $33,000. Kennebec Savings Bank purchased a new stake in L3Harris Technologies during the third quarter valued at about $36,000. Finally, New Millennium Group LLC boosted its position in L3Harris Technologies by 776.2% during the fourth quarter. New Millennium Group LLC now owns 184 shares of the company’s stock valued at $39,000 after buying an additional 163 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

LHX has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a research report on Thursday, January 2nd. Raymond James lowered shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Morgan Stanley dropped their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Truist Financial dropped their target price on shares of L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating for the company in a report on Friday, January 31st. Finally, Sanford C. Bernstein upgraded shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $289.00 to $267.00 in a report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $262.67.

L3Harris Technologies Price Performance

LHX stock opened at $199.13 on Monday. L3Harris Technologies, Inc. has a 1 year low of $193.09 and a 1 year high of $265.74. The company has a market cap of $37.50 billion, a P/E ratio of 25.30, a PEG ratio of 2.42 and a beta of 0.76. The firm has a 50-day moving average of $210.26 and a 200 day moving average of $229.10. 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 (NYSE:LHX) last released its quarterly earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping 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%. On average, sell-side analysts forecast that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 1,373 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $210.06, for a total transaction of $288,412.38. Following the completion of the transaction, the insider now owns 5,049 shares of the company’s stock, valued at approximately $1,060,592.94. This trade represents a 21.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 4,901 shares of company stock valued at $1,059,757. Corporate insiders own 0.82% of the company’s stock.

About L3Harris Technologies

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.