Bank of New York Mellon Corp Sells 511,181 Shares of L3Harris Technologies Inc (NYSE:LHX)

Bank of New York Mellon Corp reduced its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 15.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,703,197 shares of the company's stock after selling 511,181 shares during the period. Bank of New York Mellon Corp owned about 1.44% of L3Harris Technologies worth $565,806,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Meeder Asset Management Inc. grew its position in L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after purchasing an additional 82 shares during the period. Millstone Evans Group LLC purchased a new position in L3Harris Technologies during the 4th quarter worth $26,000. Beacon Capital Management LLC boosted its holdings in L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in L3Harris Technologies by 336.4% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after acquiring an additional 111 shares during the last quarter. Finally, Park Square Financial Group LLC purchased a new position in L3Harris Technologies during the 4th quarter worth $37,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the transaction, the chief executive officer directly owned 145,572 shares of the company's stock, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider owned 25,325 shares of the company's stock, valued at approximately $6,204,625. The trade was a 7.32% 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 Stock Up 0.8%

Shares of NYSE:LHX traded up $2.01 during trading on Wednesday, hitting $259.10. The company's stock had a trading volume of 749,653 shares, compared to its average volume of 1,153,532. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.02. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. The stock's 50-day moving average price is $239.72 and its two-hundred day moving average price is $220.83. The company has a market capitalization of $48.44 billion, a PE ratio of 30.74, a PEG ratio of 2.05 and a beta of 0.75.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The company had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.29 billion. During the same period last year, the firm earned $3.06 EPS. The firm's revenue for the quarter was down 1.5% on a year-over-year basis. As a group, sell-side analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business 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. This represents a $4.80 annualized dividend and a yield of 1.85%. The ex-dividend date was Tuesday, June 3rd. L3Harris Technologies's dividend payout ratio (DPR) is presently 56.94%.

Analyst Ratings Changes

A number of research firms have recently commented on LHX. Truist Financial lowered their target price on L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Citigroup lifted their target price on L3Harris Technologies from $245.00 to $280.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. The Goldman Sachs Group upgraded L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their target price for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. UBS Group lifted their target price on L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research note on Monday, April 28th. 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 research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, L3Harris Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $258.75.

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.