Covenant Asset Management LLC Lowers Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Covenant Asset Management LLC decreased its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 4.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,252 shares of the company’s stock after selling 221 shares during the period. Covenant Asset Management LLC’s holdings in L3Harris Technologies were worth $894,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Archer Investment Corp increased its holdings in shares of L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after buying an additional 43 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of L3Harris Technologies in the fourth quarter worth about $33,000. Kennebec Savings Bank purchased a new position in shares of L3Harris Technologies in the third quarter worth about $36,000. New Millennium Group LLC increased its holdings in shares of L3Harris Technologies by 776.2% in the fourth quarter. New Millennium Group LLC now owns 184 shares of the company’s stock worth $39,000 after buying an additional 163 shares during the period. Finally, Trust Co. of Vermont increased its holdings in shares of L3Harris Technologies by 78.9% in the fourth quarter. Trust Co. of Vermont now owns 195 shares of the company’s stock worth $41,000 after buying an additional 86 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on LHX shares. UBS Group lifted their price objective on L3Harris Technologies from $228.00 to $237.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Morgan Stanley reduced their price target on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft reduced their price target on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a report on Thursday, January 2nd. Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a report on Tuesday, November 26th. Finally, Citigroup cut their price objective on L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $262.67.

L3Harris Technologies Stock Performance

Shares of LHX opened at $198.02 on Friday. The stock has a market cap of $37.56 billion, a P/E ratio of 25.16, a P/E/G ratio of 1.75 and a beta of 0.76. L3Harris Technologies, Inc. has a 52 week low of $196.67 and a 52 week high of $265.74. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average price is $214.03 and its 200-day moving average price is $230.33.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. Equities research analysts anticipate that L3Harris Technologies, Inc. will post 11.19 earnings per share for the current fiscal year.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 1,764 shares of the business’s 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 completion of the sale, the insider now directly owns 6,812 shares in the company, valued at approximately $1,455,383.80. The trade was a 20.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 4,901 shares of company stock valued at $1,059,757. 0.82% of the stock is owned by corporate insiders.

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.