Sumitomo Mitsui Trust Holdings Inc. Trims Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 2.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 585,562 shares of the company’s stock after selling 14,233 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.31% of L3Harris Technologies worth $123,331,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Acadian Asset Management LLC lifted its holdings in shares of L3Harris Technologies by 283.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,103 shares of the company’s stock valued at $272,000 after purchasing an additional 815 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in L3Harris Technologies in the first quarter valued at approximately $8,013,000. Sei Investments Co. boosted its holdings in shares of L3Harris Technologies by 14.2% in the first quarter. Sei Investments Co. now owns 62,374 shares of the company’s stock valued at $15,643,000 after acquiring an additional 7,773 shares during the period. Sequoia Financial Advisors LLC grew its position in shares of L3Harris Technologies by 18.9% during the first quarter. Sequoia Financial Advisors LLC now owns 3,372 shares of the company’s stock worth $838,000 after acquiring an additional 537 shares during the last quarter. Finally, Brighton Jones LLC increased its holdings in shares of L3Harris Technologies by 16.7% in the 1st quarter. Brighton Jones LLC now owns 1,230 shares of the company’s stock valued at $306,000 after acquiring an additional 176 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Trading Up 0.3 %

Shares of LHX opened at $203.22 on Tuesday. The firm’s 50-day moving average is $210.84 and its two-hundred day moving average is $199.39. L3Harris Technologies, Inc. has a twelve month low of $160.25 and a twelve month high of $218.34. The company has a current ratio of 1.01, a quick ratio of 0.82 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $38.63 billion, a P/E ratio of 31.56, a PEG ratio of 1.88 and a beta of 0.65.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Friday, January 26th. The company reported $3.35 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $0.04. The business had revenue of $5.34 billion for the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a return on equity of 12.68% and a net margin of 6.32%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.27 EPS. On average, research analysts predict that L3Harris Technologies, Inc. will post 12.73 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Thursday, March 7th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.14. L3Harris Technologies’s payout ratio is 72.05%.

Analyst Upgrades and Downgrades

LHX has been the subject of a number of recent research reports. Royal Bank of Canada increased their price target on shares of L3Harris Technologies from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. TheStreet raised L3Harris Technologies from a “c+” rating to a “b-” rating in a research note on Thursday, December 21st. UBS Group lifted their target price on L3Harris Technologies from $222.00 to $229.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Raymond James increased their price target on L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Finally, JPMorgan Chase & Co. upgraded shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $240.00 price objective for the company in a research report on Thursday, January 11th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $229.00.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,000 shares of L3Harris Technologies stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the transaction, the chief executive officer now owns 116,175 shares in the company, valued at $24,654,658.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the sale, the chief executive officer now owns 116,175 shares in the company, valued at approximately $24,654,658.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Edward J. Zoiss sold 3,707 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total value of $783,919.29. Following the completion of the transaction, the insider now directly owns 28,644 shares of the company’s stock, valued at $6,057,346.68. The disclosure for this sale can be found here. Insiders have sold 48,362 shares of company stock worth $10,261,360 in the last three months. Corporate insiders own 0.87% of the company’s stock.

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.