New York State Teachers Retirement System Decreases Stake in L3Harris Technologies Inc (NYSE:LHX)

New York State Teachers Retirement System lessened its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 7.1% 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 140,436 shares of the company's stock after selling 10,755 shares during the period. New York State Teachers Retirement System owned approximately 0.07% of L3Harris Technologies worth $29,395,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in LHX. LaFleur & Godfrey LLC boosted its stake in L3Harris Technologies by 58.3% in the fourth quarter. LaFleur & Godfrey LLC now owns 26,799 shares of the company's stock worth $5,635,000 after buying an additional 9,873 shares in the last quarter. Brighton Jones LLC boosted its stake in shares of L3Harris Technologies by 233.9% in the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after purchasing an additional 3,001 shares in the last quarter. QRG Capital Management Inc. lifted its stake in L3Harris Technologies by 7.7% in the fourth quarter. QRG Capital Management Inc. now owns 3,233 shares of the company's stock worth $680,000 after purchasing an additional 232 shares during the last quarter. Metis Global Partners LLC boosted its position in L3Harris Technologies by 5.1% during the fourth quarter. Metis Global Partners LLC now owns 6,371 shares of the company's stock valued at $1,340,000 after buying an additional 310 shares during the period. Finally, Smartleaf Asset Management LLC increased its holdings in shares of L3Harris Technologies by 14.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,317 shares of the company's stock worth $275,000 after buying an additional 162 shares during the period. 84.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on LHX shares. Citigroup increased their target price on L3Harris Technologies from $245.00 to $280.00 and gave the company a "buy" rating in a report on Monday, June 9th. Truist Financial dropped their price objective on L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating for the company in a research note on Friday, April 25th. UBS Group lifted their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research note on Monday, April 28th. Wells Fargo & Company lowered their price target on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Finally, Jefferies Financial Group cut their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $258.75.

L3Harris Technologies Stock Up 1.3%

LHX traded up $3.21 on Thursday, hitting $256.77. The company had a trading volume of 575,399 shares, compared to its average volume of 1,148,962. The stock has a fifty day simple moving average of $236.64 and a 200-day simple moving average of $219.66. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.02 and a quick ratio of 0.85. The firm has a market capitalization of $48.00 billion, a P/E ratio of 30.46, a P/E/G ratio of 2.02 and a beta of 0.75. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $265.74.

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 for the quarter, topping 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 in the prior year, the firm earned $3.06 earnings per share. The firm's revenue for the quarter was down 1.5% on a year-over-year basis. As a group, equities analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd were given a $1.20 dividend. The ex-dividend date was Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.87%. L3Harris Technologies's dividend payout ratio is currently 56.94%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 33,061 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the transaction, the chief executive officer directly owned 145,572 shares in the company, valued at $36,171,730.56. This trade represents a 18.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the transaction, the insider owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company's stock.

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.