Allstate Corp Purchases New Stake in L3Harris Technologies, Inc. (NYSE:LHX)

Allstate Corp acquired a new stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,561 shares of the company’s stock, valued at approximately $1,169,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Measured Wealth Private Client Group LLC lifted its position in shares of L3Harris Technologies by 5.5% during the fourth quarter. Measured Wealth Private Client Group LLC now owns 953 shares of the company’s stock worth $200,000 after purchasing an additional 50 shares during the last quarter. Premier Path Wealth Partners LLC lifted its holdings in L3Harris Technologies by 3.4% during the 4th quarter. Premier Path Wealth Partners LLC now owns 1,561 shares of the company’s stock worth $328,000 after buying an additional 51 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its position in shares of L3Harris Technologies by 2.2% in the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 2,447 shares of the company’s stock worth $514,000 after acquiring an additional 53 shares in the last quarter. Klingman & Associates LLC increased its holdings in shares of L3Harris Technologies by 2.8% in the 4th quarter. Klingman & Associates LLC now owns 1,933 shares of the company’s stock valued at $406,000 after acquiring an additional 53 shares during the last quarter. Finally, Zullo Investment Group Inc. raised its position in shares of L3Harris Technologies by 3.2% during the 4th quarter. Zullo Investment Group Inc. now owns 1,717 shares of the company’s stock valued at $361,000 after acquiring an additional 54 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on LHX shares. Bank of America decreased their price objective on shares of L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Barclays lowered their price objective on L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, January 6th. Morgan Stanley decreased 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 research report on Tuesday, February 4th. Citigroup cut their price target on L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Finally, Sanford C. Bernstein upgraded 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 research report on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $261.40.

Insider Activity

In other news, insider Edward J. Zoiss sold 1,783 shares of L3Harris Technologies stock in a transaction that occurred 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 transaction, the insider now owns 30,620 shares in the company, valued at approximately $6,475,517.60. The trade was a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jon Rambeau sold 3,178 shares of L3Harris Technologies stock in a transaction on Monday, March 10th. The shares were sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the transaction, the insider now owns 2,797 shares of the company’s stock, valued at approximately $632,122. The trade was a 53.19 % decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

L3Harris Technologies Trading Down 2.5 %

NYSE:LHX opened at $207.46 on Monday. 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 company’s 50 day moving average is $209.34 and its 200-day moving average is $225.51. The firm has a market cap of $38.94 billion, a price-to-earnings ratio of 26.36, a P/E/G ratio of 2.42 and a beta of 0.74. L3Harris Technologies, Inc. has a 12 month low of $193.09 and a 12 month high of $265.74.

L3Harris Technologies (NYSE:LHX) last announced its earnings results 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 return on equity of 13.11% and a net margin of 7.04%. Equities analysts anticipate that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Monday, March 10th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s dividend payout ratio (DPR) is presently 60.99%.

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.