Massachusetts Financial Services Co. MA Sells 179,362 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Massachusetts Financial Services Co. MA lowered its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 11.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,362,971 shares of the company’s stock after selling 179,362 shares during the period. Massachusetts Financial Services Co. MA’s holdings in L3Harris Technologies were worth $286,606,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Public Sector Pension Investment Board boosted its position in shares of L3Harris Technologies by 15.3% in the third quarter. Public Sector Pension Investment Board now owns 8,308 shares of the company’s stock valued at $1,976,000 after acquiring an additional 1,100 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of L3Harris Technologies during the 3rd quarter worth approximately $147,000. Benjamin Edwards Inc. increased its holdings in shares of L3Harris Technologies by 605.0% during the third quarter. Benjamin Edwards Inc. now owns 11,175 shares of the company’s stock worth $2,659,000 after purchasing an additional 9,590 shares during the period. Hilltop Holdings Inc. acquired a new stake in shares of L3Harris Technologies in the third quarter valued at approximately $329,000. Finally, Investment Management Corp of Ontario boosted its stake in shares of L3Harris Technologies by 47.2% in the third quarter. Investment Management Corp of Ontario now owns 6,241 shares of the company’s stock valued at $1,485,000 after buying an additional 2,000 shares during the period. 84.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on LHX. Wells Fargo & Company dropped their price objective on L3Harris Technologies from $269.00 to $268.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Jefferies Financial Group cut their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a research report on Monday. Morgan Stanley decreased their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. UBS Group boosted their target price on shares of L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $260.69.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 1,783 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the sale, the insider now owns 30,620 shares in the company, valued at $6,475,517.60. This represents a 5.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon Rambeau sold 3,178 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 10th. The stock was 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 owns 2,797 shares of the company’s stock, valued at approximately $632,122. The trade was a 53.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

L3Harris Technologies Price Performance

LHX stock opened at $209.71 on Friday. The company has a market capitalization of $39.37 billion, a P/E ratio of 26.65, a PEG ratio of 2.42 and a beta of 0.71. The company has a fifty day moving average price of $208.53 and a 200-day moving average price of $225.03. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. L3Harris Technologies, Inc. has a 52-week low of $193.09 and a 52-week high of $265.74.

L3Harris Technologies (NYSE:LHX) last announced its 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%. As a group, equities analysts expect that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were issued a $1.20 dividend. The ex-dividend date of this dividend 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 2.29%. L3Harris Technologies’s dividend payout ratio is presently 60.99%.

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.