L3Harris Technologies, Inc. (NYSE:LHX) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lowered its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 8.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,401 shares of the company’s stock after selling 4,954 shares during the quarter. ARK Investment Management LLC’s holdings in L3Harris Technologies were worth $11,439,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Illinois Municipal Retirement Fund increased its holdings in shares of L3Harris Technologies by 62.1% during the fourth quarter. Illinois Municipal Retirement Fund now owns 9,257 shares of the company’s stock valued at $1,947,000 after acquiring an additional 3,546 shares in the last quarter. Commonwealth Retirement Investments LLC increased its holdings in L3Harris Technologies by 2.1% in the 4th quarter. Commonwealth Retirement Investments LLC now owns 7,277 shares of the company’s stock worth $1,530,000 after buying an additional 152 shares during the period. Brown Financial Advisors increased its holdings in L3Harris Technologies by 4.9% in the 4th quarter. Brown Financial Advisors now owns 1,962 shares of the company’s stock worth $413,000 after buying an additional 91 shares during the period. Trifecta Capital Advisors LLC increased its holdings in L3Harris Technologies by 8.2% in the 4th quarter. Trifecta Capital Advisors LLC now owns 14,769 shares of the company’s stock worth $3,106,000 after buying an additional 1,115 shares during the period. Finally, BankPlus Trust Department acquired a new position in L3Harris Technologies in the 4th quarter worth approximately $1,295,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Trading Up 2.2 %

Shares of LHX stock opened at $204.19 on Wednesday. The company’s 50-day moving average price is $209.53 and its 200-day moving average price is $228.71. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. The stock has a market cap of $38.45 billion, a price-to-earnings ratio of 25.94, a PEG ratio of 2.42 and a beta of 0.76. L3Harris Technologies, Inc. has a twelve month low of $193.09 and a twelve month high of $265.74.

L3Harris Technologies (NYSE:LHX) last issued 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 net margin of 7.04% and a return on equity of 13.11%. As a group, equities analysts predict that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current year.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 1,764 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $213.65, for a total transaction of $376,878.60. Following the sale, the insider now directly owns 6,812 shares in the company, valued at $1,455,383.80. This represents a 20.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 4,901 shares of company stock worth $1,059,757 over the last three months. Company insiders own 0.87% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Truist Financial cut their price target on shares of L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating on the stock in a report on Friday, January 31st. 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 report on Tuesday, November 26th. Morgan Stanley cut their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Raymond James downgraded shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Finally, UBS Group raised their price objective on shares of L3Harris Technologies from $228.00 to $237.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $262.67.

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.