Bessemer Group Inc. Sells 233,462 Shares of L3Harris Technologies Inc $LHX

Key Points

• Bessemer Group Inc. cut its L3Harris Technologies stake by 29.2% in the fourth quarter, selling 233,462 shares and leaving it with 565,926 shares valued at about $166.1 million.
• L3Harris posted stronger-than-expected quarterly results, reporting EPS of $2.72 versus estimates of $2.53 and revenue of $5.74 billion versus expectations of $5.42 billion, with revenue up 11.9% year over year.
• Analysts remain constructive overall, with an average “Moderate Buy” rating and a consensus price target of $354.75; the company also declared a quarterly dividend of $1.25 per share, or $5.00 annualized.

Bessemer Group Inc. lowered its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 29.2% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 565,926 shares of the company's stock after selling 233,462 shares during the quarter. Bessemer Group Inc. owned about 0.30% of L3Harris Technologies worth $166,139,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Korea Investment CORP increased its holdings in L3Harris Technologies by 11.2% in the 3rd quarter. Korea Investment CORP now owns 153,567 shares of the company's stock worth $46,901,000 after acquiring an additional 15,408 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in L3Harris Technologies by 13.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company's stock worth $9,230,000 after acquiring an additional 3,532 shares during the last quarter. Crystal Rock Capital Management purchased a new stake in L3Harris Technologies in the 3rd quarter worth about $1,993,000. Neo Ivy Capital Management purchased a new stake in L3Harris Technologies in the 3rd quarter worth about $1,203,000. Finally, Jain Global LLC increased its holdings in L3Harris Technologies by 469.1% in the 3rd quarter. Jain Global LLC now owns 45,861 shares of the company's stock worth $14,006,000 after acquiring an additional 37,803 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

Analysts Set New Price Targets

LHX has been the subject of several recent research reports. Truist Financial raised L3Harris Technologies to a "strong-buy" rating in a report on Friday, May 1st. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Saturday, April 11th. Weiss Ratings lowered L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, April 29th. JPMorgan Chase & Co. lifted their target price on L3Harris Technologies from $340.00 to $395.00 and gave the company an "overweight" rating in a report on Thursday, February 5th. Finally, Susquehanna reaffirmed a "positive" rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $354.75.

L3Harris Technologies Price Performance

LHX stock opened at $307.41 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 0.89. L3Harris Technologies Inc has a one year low of $220.87 and a one year high of $379.23. The stock has a market cap of $57.27 billion, a PE ratio of 33.38, a P/E/G ratio of 1.54 and a beta of 0.51. The firm has a 50 day simple moving average of $343.35 and a two-hundred day simple moving average of $324.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $2.72 EPS for the quarter, topping analysts' consensus estimates of $2.53 by $0.19. L3Harris Technologies had a net margin of 7.71% and a return on equity of 10.65%. The business had revenue of $5.74 billion during the quarter, compared to analysts' expectations of $5.42 billion. During the same quarter in the previous year, the company earned $2.41 EPS. The business's quarterly revenue was up 11.9% compared to the same quarter last year. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. On average, analysts predict that L3Harris Technologies Inc will post 11.57 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, June 5th. L3Harris Technologies's payout ratio is currently 54.29%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Samir Mehta sold 5,528 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the transaction, the insider owned 7,756 shares of the company's stock, valued at $2,872,201.92. The trade was a 41.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jon Rambeau sold 5,528 shares of the company's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,660 shares of the company's stock, valued at approximately $2,836,651.20. This represents a 41.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 16,365 shares of company stock valued at $5,861,117 in the last quarter. Corporate insiders own 0.68% of the company's stock.

About L3Harris Technologies

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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