Sun Sep 15 16:16:50 UTC 2024: ## Hedge Funds Adjust Stakes in L3Harris Technologies Amid Mixed Analyst Sentiment
**New York, NY** – HBK Sorce Advisory LLC reduced its holdings in L3Harris Technologies (NYSE: LHX) by 6.7% during the second quarter, according to a recent SEC filing. The fund now owns 2,322 shares of the company, valued at $522,000.
This move comes amidst a flurry of activity from other institutional investors. Meeder Asset Management Inc. significantly increased its stake in L3Harris Technologies by 260.6%, now owning 119 shares worth $27,000. Transcendent Capital Group LLC, EntryPoint Capital LLC, Versant Capital Management Inc., and Family Firm Inc. all acquired new positions or expanded their existing holdings in the company.
Overall, hedge funds and institutional investors hold 84.76% of L3Harris Technologies stock, indicating continued interest in the company.
The company’s stock has been the subject of several research analyst reports, with analysts exhibiting a mixed sentiment. While Barclays and Susquehanna have raised their price targets, Royal Bank of Canada and Deutsche Bank Aktiengesellschaft have downgraded their ratings. Wells Fargo & Company maintained an “overweight” rating but lowered its price target. Currently, five analysts rate the stock as a “hold” while nine recommend a “buy,” resulting in an average rating of “Moderate Buy” and an average price target of $247.08.
In recent insider transactions, VP Sean J. Stackley sold 3,354 shares on June 17th, while insider Ross Niebergall sold 2,988 shares on September 3rd. In total, corporate insiders sold 32,756 shares worth $7,588,767 over the past ninety days. Insiders currently own 0.82% of the company’s stock.
L3Harris Technologies reported strong earnings for the second quarter, surpassing analysts’ expectations. However, the company’s stock opened at $229.77 on Friday, reflecting the mixed analyst sentiment and insider selling activity. The company’s market capitalization is currently $43.58 billion, with a price-to-earnings ratio of 37.30.
The company also declared a quarterly dividend of $1.16 per share, payable on September 20th. This represents an annualized dividend of $4.64 and a yield of 2.02%.
L3Harris Technologies continues to be a key player in the defense and aerospace industry, providing mission-critical solutions to government and commercial customers worldwide. However, investors should carefully consider the recent analyst reports and insider transactions before making any investment decisions.
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