NorthCoast Asset Management LLC Lowers Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

NorthCoast Asset Management LLC lessened its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,401 shares of the company’s stock after selling 829 shares during the period. NorthCoast Asset Management LLC’s holdings in L3Harris Technologies were worth $22,046,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of LHX. Capital International Investors grew its position in L3Harris Technologies by 9.1% in the first quarter. Capital International Investors now owns 8,609,701 shares of the company’s stock worth $1,745,029,000 after acquiring an additional 716,260 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of L3Harris Technologies by 3.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,603,794 shares of the company’s stock valued at $730,417,000 after buying an additional 117,923 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of L3Harris Technologies by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 2,508,603 shares of the company’s stock valued at $508,443,000 after buying an additional 43,764 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in L3Harris Technologies by 9.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,117,203 shares of the company’s stock worth $429,115,000 after buying an additional 175,050 shares in the last quarter. Finally, Norges Bank purchased a new stake in L3Harris Technologies in the fourth quarter worth approximately $372,443,000. Hedge funds and other institutional investors own 79.87% of the company’s stock.

Shares of LHX traded down $0.72 during mid-day trading on Thursday, hitting $226.38. 5,935 shares of the company’s stock traded hands, compared to its average volume of 1,062,662. The business has a 50-day simple moving average of $219.87. L3Harris Technologies, Inc. has a 1 year low of $158.09 and a 1 year high of $228.19. The stock has a market cap of $46.40 billion, a price-to-earnings ratio of 35.26, a P/E/G ratio of 1.93 and a beta of 0.88. The company has a quick ratio of 1.57, a current ratio of 1.78 and a debt-to-equity ratio of 0.34.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Friday, April 30th. The company reported $3.18 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.92 by $0.26. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.01%. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same period in the previous year, the firm earned $2.80 EPS. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. Equities research analysts forecast that L3Harris Technologies, Inc. will post 12.99 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 15th. Shareholders of record on Tuesday, June 1st were issued a dividend of $1.02 per share. The ex-dividend date was Friday, May 28th. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.80%. L3Harris Technologies’s dividend payout ratio (DPR) is 35.17%.

A number of equities research analysts have recently issued reports on LHX shares. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $208.00 price objective on shares of L3Harris Technologies in a research note on Wednesday, April 14th. Benchmark reiterated a “hold” rating on shares of L3Harris Technologies in a report on Monday, May 3rd. Credit Suisse Group increased their target price on L3Harris Technologies from $200.00 to $223.00 and gave the company an “outperform” rating in a report on Tuesday, April 13th. TheStreet cut L3Harris Technologies from a “b” rating to a “c” rating in a report on Friday, April 30th. Finally, Wells Fargo & Company assumed coverage on L3Harris Technologies in a research note on Tuesday, May 18th. They issued an “equal weight” rating and a $225.00 price target on the stock. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. L3Harris Technologies presently has an average rating of “Buy” and a consensus target price of $226.23.

In other news, SVP Scott T. Mikuen sold 2,826 shares of the company’s stock in a transaction dated Friday, July 16th. The shares were sold at an average price of $225.36, for a total value of $636,867.36. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William M. Brown sold 119,303 shares of the company’s stock in a transaction dated Monday, June 7th. The stock was sold at an average price of $219.33, for a total transaction of $26,166,726.99. Following the completion of the sale, the chief executive officer now directly owns 426,112 shares in the company, valued at $93,459,144.96. The disclosure for this sale can be found here. Insiders have sold a total of 266,281 shares of company stock worth $58,623,228 in the last quarter. Company insiders own 1.40% of the company’s stock.

L3Harris Technologies Company Profile

L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modifications, and periodic depot maintenance services for ISR and airborne missions.

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Institutional Ownership by Quarter for L3Harris Technologies (NYSE:LHX)

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