Olstein Capital Management L.P. Cuts Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Olstein Capital Management L.P. reduced its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 3.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,000 shares of the company’s stock after selling 1,500 shares during the period. L3Harris Technologies makes up approximately 1.4% of Olstein Capital Management L.P.’s portfolio, making the stock its 28th largest position. Olstein Capital Management L.P.’s holdings in L3Harris Technologies were worth $8,524,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in LHX. Carret Asset Management LLC increased its holdings in shares of L3Harris Technologies by 1.7% in the 1st quarter. Carret Asset Management LLC now owns 16,758 shares of the company’s stock valued at $3,571,000 after purchasing an additional 278 shares in the last quarter. Iams Wealth Management LLC increased its holdings in L3Harris Technologies by 0.8% in the first quarter. Iams Wealth Management LLC now owns 8,312 shares of the company’s stock valued at $1,772,000 after buying an additional 64 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of L3Harris Technologies by 3.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,108,596 shares of the company’s stock valued at $449,342,000 after acquiring an additional 66,770 shares during the period. Oak Thistle LLC purchased a new stake in shares of L3Harris Technologies during the 1st quarter worth approximately $761,000. Finally, BKM Wealth Management LLC grew its holdings in shares of L3Harris Technologies by 12.4% in the 1st quarter. BKM Wealth Management LLC now owns 5,863 shares of the company’s stock worth $1,249,000 after acquiring an additional 649 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

Shares of NYSE:LHX traded up $0.98 during trading on Wednesday, reaching $224.58. The company had a trading volume of 422,248 shares, compared to its average volume of 1,006,008. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.80 and a current ratio of 0.98. The firm has a market capitalization of $42.60 billion, a PE ratio of 36.49, a price-to-earnings-growth ratio of 1.88 and a beta of 0.72. The firm’s fifty day moving average is $220.29 and its 200 day moving average is $213.05. L3Harris Technologies, Inc. has a twelve month low of $160.25 and a twelve month high of $228.13.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, April 25th. The company reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.17. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The business had revenue of $5.21 billion for the quarter, compared to analysts’ expectations of $5.11 billion. During the same period in the previous year, the firm posted $2.86 EPS. The company’s quarterly revenue was up 16.6% on a year-over-year basis. On average, equities analysts forecast that L3Harris Technologies, Inc. will post 12.93 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were issued a dividend of $1.16 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $4.64 annualized dividend and a dividend yield of 2.07%. L3Harris Technologies’s dividend payout ratio is 75.32%.

Insiders Place Their Bets

In other L3Harris Technologies news, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $216.73, for a total transaction of $726,912.42. Following the completion of the sale, the vice president now directly owns 14,186 shares in the company, valued at $3,074,531.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other L3Harris Technologies news, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $216.73, for a total value of $726,912.42. Following the completion of the transaction, the vice president now owns 14,186 shares of the company’s stock, valued at approximately $3,074,531.78. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Christopher E. Kubasik sold 25,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $222.45, for a total transaction of $5,561,250.00. Following the completion of the sale, the chief executive officer now directly owns 120,326 shares in the company, valued at approximately $26,766,518.70. The disclosure for this sale can be found here. Insiders sold 82,898 shares of company stock valued at $18,558,167 over the last ninety days. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LHX. Barclays lifted their price objective on L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 30th. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective on the stock in a research note on Monday, April 22nd. Wells Fargo & Company boosted their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Royal Bank of Canada lifted their price target on shares of L3Harris Technologies from $245.00 to $250.00 and gave the stock an “outperform” rating in a report on Monday, April 29th. Finally, JPMorgan Chase & Co. upped their price objective on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Four equities research analysts have rated the stock with a hold rating and eleven have issued 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 price target of $231.80.

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.