PNC Financial Services Group Inc. Decreases Position in L3Harris Technologies, Inc. (NYSE:LHX)

PNC Financial Services Group Inc. decreased its position in L3Harris Technologies, Inc. (NYSE:LHX) by 4.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,615 shares of the company’s stock after selling 4,787 shares during the period. PNC Financial Services Group Inc.’s holdings in L3Harris Technologies were worth $20,737,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of LHX. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of L3Harris Technologies in the fourth quarter valued at $27,000. Archer Investment Corp increased its holdings in L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares during the last quarter. Roxbury Financial LLC bought a new stake in L3Harris Technologies in the 4th quarter valued at about $30,000. Kennebec Savings Bank purchased a new stake in L3Harris Technologies during the third quarter valued at about $36,000. Finally, Union Bancaire Privee UBP SA bought a new position in L3Harris Technologies during the fourth quarter worth about $33,000. 84.76% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Edward J. Zoiss sold 1,783 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $211.48, for a total value of $377,068.84. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ross Niebergall sold 1,764 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $213.65, for a total transaction of $376,878.60. Following the transaction, the insider now directly owns 6,812 shares in the company, valued at approximately $1,455,383.80. This represents a 20.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,862 shares of company stock worth $2,155,054. 0.82% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on LHX shares. Truist Financial lowered their price target on shares of L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $289.00 to $267.00 in a report on Wednesday, January 8th. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a report on Tuesday, November 26th. UBS Group boosted their price objective on L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. Finally, Bank of America cut their target price on L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating for the company in a research note on Tuesday, February 4th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus target price of $261.40.

L3Harris Technologies Trading Down 0.9 %

Shares of LHX opened at $218.16 on Tuesday. L3Harris Technologies, Inc. has a 1-year low of $193.09 and a 1-year high of $265.74. The company has a market capitalization of $41.08 billion, a P/E ratio of 27.72, a P/E/G ratio of 2.42 and a beta of 0.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90. The firm’s 50 day simple moving average is $209.13 and its 200 day simple moving average is $227.53.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share for the quarter, beating the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Sell-side analysts forecast that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Monday, March 10th will be issued a $1.20 dividend. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.16. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Monday, March 10th. L3Harris Technologies’s dividend payout ratio is presently 60.99%.

L3Harris Technologies 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.