BNP Paribas Financial Markets Lowers Position in L3Harris Technologies Inc $LHX

Key Points

• BNP Paribas Financial Markets cut its stake in L3Harris by 13.6% during the quarter, selling 50,711 shares and now owning 321,946 shares worth about $98.3 million (≈0.17% of the company).
• L3Harris beat EPS estimates (reported $2.86 vs. $2.76 expected) but missed revenue expectations ($5.65B vs. $5.76B) and raised its quarterly dividend to $1.25 ($5.00 annual).
• The stock has a consensus rating of "Moderate Buy" with a $328.57 target, institutional ownership is high (84.76%), and insiders have recently sold shares (19,025 shares worth ~$6.82M in the last 90 days).

BNP Paribas Financial Markets reduced its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 13.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 321,946 shares of the company's stock after selling 50,711 shares during the period. BNP Paribas Financial Markets owned approximately 0.17% of L3Harris Technologies worth $98,326,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of L3Harris Technologies by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 23,170,042 shares of the company's stock valued at $5,811,973,000 after acquiring an additional 121,619 shares during the period. State Street Corp boosted its position in shares of L3Harris Technologies by 1.2% during the 2nd quarter. State Street Corp now owns 8,874,482 shares of the company's stock worth $2,226,075,000 after purchasing an additional 105,402 shares during the period. Geode Capital Management LLC increased its holdings in L3Harris Technologies by 0.8% in the 2nd quarter. Geode Capital Management LLC now owns 4,948,981 shares of the company's stock valued at $1,236,410,000 after purchasing an additional 38,820 shares during the last quarter. Boston Partners increased its holdings in L3Harris Technologies by 72.1% in the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company's stock valued at $504,160,000 after purchasing an additional 838,546 shares during the last quarter. Finally, Bank of America Corp DE raised its position in L3Harris Technologies by 3.1% in the second quarter. Bank of America Corp DE now owns 1,728,519 shares of the company's stock valued at $433,582,000 after purchasing an additional 52,776 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Down 2.0%

LHX opened at $357.15 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. L3Harris Technologies Inc has a one year low of $195.72 and a one year high of $379.23. The company has a market cap of $66.71 billion, a P/E ratio of 41.87, a PEG ratio of 2.63 and a beta of 0.63. The business's 50-day simple moving average is $348.03 and its 200-day simple moving average is $308.06.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.76 by $0.10. The firm had revenue of $5.65 billion during the quarter, compared to analysts' expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm's revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.47 earnings per share. As a group, equities research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, March 6th. This is a positive change from L3Harris Technologies's previous quarterly dividend of $1.20. L3Harris Technologies's dividend payout ratio (DPR) is currently 58.62%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Vertical Research restated a "buy" rating and set a $355.00 price target on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Citigroup increased their target price on L3Harris Technologies from $389.00 to $418.00 and gave the stock a "buy" rating in a research note on Thursday, February 5th. BNP Paribas Exane started coverage on L3Harris Technologies in a research report on Tuesday, November 18th. They issued a "neutral" rating and a $290.00 target price for the company. Wolfe Research reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Friday, January 30th. Finally, Morgan Stanley increased their price target on shares of L3Harris Technologies from $367.00 to $390.00 and gave the stock an "overweight" rating in a research report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $328.57.

Insider Buying and Selling

In other news, insider Jon Rambeau sold 5,528 shares of the business's stock in a transaction dated 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. The trade was a 41.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Melanie Rakita sold 751 shares of the company's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $278,110.32. Following the completion of the sale, the vice president directly owned 4,131 shares of the company's stock, valued at approximately $1,529,791.92. This trade represents a 15.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 19,025 shares of company stock worth $6,824,370 in the last ninety days. 0.72% of the stock is owned by corporate insiders.

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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