Canandaigua National Bank & Trust Co. Decreases Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Canandaigua National Bank & Trust Co. reduced its position in L3Harris Technologies, Inc. (NYSE:LHX) by 13.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,022 shares of the company’s stock after selling 626 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in L3Harris Technologies were worth $846,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of LHX. KCM Investment Advisors LLC lifted its holdings in shares of L3Harris Technologies by 43.8% during the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock valued at $4,584,000 after purchasing an additional 5,868 shares during the last quarter. Fortem Financial Group LLC acquired a new stake in L3Harris Technologies in the third quarter worth about $841,000. Sanctuary Advisors LLC grew its stake in shares of L3Harris Technologies by 13.9% during the third quarter. Sanctuary Advisors LLC now owns 30,634 shares of the company’s stock worth $7,602,000 after acquiring an additional 3,740 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of L3Harris Technologies by 2.0% in the 3rd quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock valued at $52,395,000 after purchasing an additional 4,321 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in L3Harris Technologies by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock worth $184,245,000 after purchasing an additional 178,407 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Trading Down 2.8 %

Shares of L3Harris Technologies stock opened at $203.95 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. L3Harris Technologies, Inc. has a twelve month low of $200.18 and a twelve month high of $265.74. The firm has a market capitalization of $38.68 billion, a PE ratio of 32.22, a P/E/G ratio of 1.86 and a beta of 0.75. The firm’s 50-day moving average price is $234.29 and its 200 day moving average price is $233.89.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter last year, the business posted $3.19 earnings per share. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were paid a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 1,373 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $210.06, for a total transaction of $288,412.38. Following the transaction, the insider now owns 5,049 shares of the company’s stock, valued at approximately $1,060,592.94. The trade was a 21.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 7,889 shares of company stock worth $1,800,572. 0.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on LHX. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Truist Financial raised their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a research report on Thursday, January 2nd. Barclays dropped their price objective on shares of L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Royal Bank of Canada upped their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Five 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 target price of $267.07.

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.