L3Harris Technologies Inc $LHX Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. cut its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 15.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 942,981 shares of the company’s stock after selling 174,068 shares during the period. Bessemer Group Inc.’s holdings in L3Harris Technologies were worth $236,537,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LHX. Nuveen LLC acquired a new position in L3Harris Technologies during the first quarter worth $299,157,000. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of L3Harris Technologies by 946.6% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company’s stock valued at $164,297,000 after acquiring an additional 709,948 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of L3Harris Technologies by 12.2% in the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company’s stock valued at $1,074,208,000 after acquiring an additional 557,610 shares in the last quarter. Appaloosa LP purchased a new stake in shares of L3Harris Technologies in the first quarter valued at $62,793,000. Finally, JPMorgan Chase & Co. lifted its position in shares of L3Harris Technologies by 60.8% in the first quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company’s stock valued at $160,644,000 after acquiring an additional 290,269 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on LHX shares. Royal Bank Of Canada upped their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the company a “sector perform” rating in a research report on Friday, July 25th. Barclays upped their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the company an “overweight” rating in a research report on Tuesday, July 29th. Truist Financial upped their price objective on L3Harris Technologies from $302.00 to $353.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of L3Harris Technologies in a research report on Saturday. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $287.63.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $293.22 on Monday. The firm has a market capitalization of $54.86 billion, a P/E ratio of 32.76, a PEG ratio of 2.14 and a beta of 0.76. The stock has a fifty day moving average price of $285.35 and a 200 day moving average price of $259.12. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $308.12. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.48 by $0.30. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.24 earnings per share. Equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Monday, November 17th will be paid a dividend of $1.20 per share. The ex-dividend date is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 1.6%. L3Harris Technologies’s dividend payout ratio is currently 53.63%.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the company’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the completion of the sale, the chief executive officer directly owned 145,578 shares in the company, valued at $40,747,282.20. This represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold 195,138 shares of company stock worth $53,571,774 in the last ninety days. Corporate insiders own 0.72% of the company’s stock.

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.