Grove Bank & Trust Buys 111 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Grove Bank & Trust boosted its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 31.9% during the fourth quarter, Holdings Channel reports. The fund owned 459 shares of the company’s stock after acquiring an additional 111 shares during the period. Grove Bank & Trust’s holdings in L3Harris Technologies were worth $97,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Intech Investment Management LLC lifted its position in L3Harris Technologies by 261.5% during the 2nd quarter. Intech Investment Management LLC now owns 13,834 shares of the company’s stock valued at $3,107,000 after purchasing an additional 10,007 shares during the period. Brighton Jones LLC lifted its position in L3Harris Technologies by 3.5% during the 2nd quarter. Brighton Jones LLC now owns 1,616 shares of the company’s stock valued at $363,000 after purchasing an additional 55 shares during the period. Benjamin F. Edwards & Company Inc. lifted its position in L3Harris Technologies by 47.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 8,494 shares of the company’s stock valued at $1,908,000 after purchasing an additional 2,728 shares during the period. Canada Pension Plan Investment Board lifted its position in L3Harris Technologies by 1.6% during the 2nd quarter. Canada Pension Plan Investment Board now owns 117,041 shares of the company’s stock valued at $26,285,000 after purchasing an additional 1,896 shares during the period. Finally, AE Wealth Management LLC lifted its position in L3Harris Technologies by 64.0% during the 2nd quarter. AE Wealth Management LLC now owns 2,772 shares of the company’s stock valued at $623,000 after purchasing an additional 1,082 shares during the period. Institutional investors own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on LHX shares. Citigroup upped their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Royal Bank of Canada increased their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research report on Monday, October 28th. Truist Financial cut their price target on shares of L3Harris Technologies from $300.00 to $283.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. JPMorgan Chase & Co. cut their price target on shares of L3Harris Technologies from $270.00 to $265.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Finally, Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a research report on Tuesday, November 26th. 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, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus target price of $266.19.

Insider Transactions at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the completion of the transaction, the insider now directly owns 10,340 shares of the company’s stock, valued at $2,563,596.20. This trade represents a 22.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 7,889 shares of company stock valued at $1,800,572 in the last ninety days. 0.87% of the stock is currently owned by corporate insiders.

L3Harris Technologies Price Performance

NYSE LHX opened at $218.22 on Tuesday. The stock has a market cap of $41.39 billion, a price-to-earnings ratio of 34.47, a PEG ratio of 1.68 and a beta of 0.75. L3Harris Technologies, Inc. has a 52-week low of $200.18 and a 52-week high of $265.74. The business has a 50 day simple moving average of $227.28 and a 200 day simple moving average of $233.09. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The business’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period last year, the business earned $3.19 EPS. Analysts anticipate that L3Harris Technologies, Inc. will post 13.07 earnings per share 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.