Bessemer Group Inc. Trims Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

Bessemer Group Inc. cut its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 1.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,119,523 shares of the company’s stock after selling 19,499 shares during the quarter. Bessemer Group Inc. owned about 0.59% of L3Harris Technologies worth $235,413,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Fortem Financial Group LLC bought a new stake in L3Harris Technologies during the 3rd quarter worth approximately $841,000. Czech National Bank boosted its stake in L3Harris Technologies by 6.4% during the fourth quarter. Czech National Bank now owns 41,124 shares of the company’s stock valued at $8,648,000 after buying an additional 2,480 shares during the period. JPMorgan Chase & Co. boosted its position in shares of L3Harris Technologies by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock valued at $184,245,000 after acquiring an additional 178,407 shares during the last quarter. Principal Financial Group Inc. grew its stake in L3Harris Technologies by 2.0% in the 3rd quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock worth $52,395,000 after buying an additional 4,321 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its stake in L3Harris Technologies by 13.9% in the third quarter. Sanctuary Advisors LLC now owns 30,634 shares of the company’s stock valued at $7,602,000 after acquiring an additional 3,740 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Morgan Stanley lowered their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft dropped their target price on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. Barclays lowered their price target on shares of L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, January 6th. Sanford C. Bernstein upgraded L3Harris Technologies from a “market perform” rating to an “outperform” rating and decreased their target price for the company from $289.00 to $267.00 in a report on Wednesday, January 8th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $240.00 price target on shares of L3Harris Technologies in a report on Friday, January 31st. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $259.06.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $200.37 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock’s 50 day moving average is $207.26 and its 200 day moving average is $224.15. L3Harris Technologies, Inc. has a twelve month low of $193.09 and a twelve month high of $265.74. The company has a market capitalization of $37.61 billion, a P/E ratio of 25.46, a PEG ratio of 2.42 and a beta of 0.71.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. On average, equities research analysts predict that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were given a $1.20 dividend. The ex-dividend date was Monday, March 10th. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.16. This represents a $4.80 annualized dividend and a yield of 2.40%. L3Harris Technologies’s dividend payout ratio is 60.99%.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Jon Rambeau sold 3,178 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the sale, the insider now directly owns 2,797 shares in the company, valued at $632,122. The trade was a 53.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Edward J. Zoiss sold 1,783 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $211.48, for a total transaction of $377,068.84. Following the transaction, the insider now owns 30,620 shares in the company, valued at approximately $6,475,517.60. This trade represents a 5.50 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.72% 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.