L3Harris Technologies Inc (NYSE:LHX) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its stake in L3Harris Technologies Inc (NYSE:LHX) by 0.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 524,327 shares of the company’s stock after acquiring an additional 3,489 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in L3Harris Technologies were worth $109,747,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of L3Harris Technologies in the 4th quarter valued at about $398,507,000. Invesco Ltd. lifted its stake in L3Harris Technologies by 30.5% in the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock valued at $469,992,000 after buying an additional 522,861 shares during the last quarter. GAMMA Investing LLC lifted its stake in L3Harris Technologies by 18,295.3% in the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company’s stock valued at $107,424,000 after buying an additional 510,438 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of L3Harris Technologies by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company’s stock valued at $4,895,534,000 after acquiring an additional 401,168 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of L3Harris Technologies by 15.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company’s stock valued at $486,898,000 after acquiring an additional 311,886 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wells Fargo & Company lowered their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Citigroup raised their price target on L3Harris Technologies from $245.00 to $280.00 and gave the stock a “buy” rating in a report on Monday, June 9th. UBS Group boosted their price target on L3Harris Technologies from $222.00 to $226.00 and gave the company a “neutral” rating in a research report on Monday, April 28th. The Goldman Sachs Group raised L3Harris Technologies from a “sell” rating to a “buy” rating and increased their price objective for the stock from $198.00 to $263.00 in a research report on Friday, April 11th. Finally, Jefferies Financial Group lowered their target price on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $258.75.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider now owns 25,325 shares of the company’s stock, valued at $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the sale, the chief executive officer now owns 145,572 shares in the company, valued at $36,171,730.56. This represents a 18.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Trading Up 0.3%

Shares of LHX opened at $247.52 on Monday. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $265.74. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $46.27 billion, a P/E ratio of 29.36, a PEG ratio of 1.97 and a beta of 0.74. The firm’s 50-day moving average is $234.39 and its two-hundred day moving average is $218.99.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The company’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.06 EPS. On average, research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were given a $1.20 dividend. The ex-dividend date was Tuesday, June 3rd. This represents a $4.80 annualized dividend and a dividend yield of 1.94%. L3Harris Technologies’s dividend payout ratio is presently 56.94%.

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.