Massachusetts Financial Services Co. MA Has $364.12 Million Stock Position in L3Harris Technologies Inc $LHX

Key Points

• Massachusetts Financial Services trimmed its stake in L3Harris by 6.1% to 1,240,302 shares (about 0.66% ownership), valued at roughly $364.12 million at the end of the quarter.
• Wall Street sentiment is broadly positive with a consensus rating of Moderate Buy and an average target of $349.55, while several firms have recently reiterated or raised price targets and ratings.
• L3Harris beat Q4 EPS estimates ($2.86 vs. $2.76), slightly missed revenue expectations, raised its quarterly dividend to $1.25 ($5.00 annual, 1.4% yield), and insiders have sold about $6.8 million of stock recently.

Massachusetts Financial Services Co. MA lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 6.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,240,302 shares of the company's stock after selling 80,151 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.66% of L3Harris Technologies worth $364,115,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Caitlin John LLC acquired a new stake in shares of L3Harris Technologies during the 3rd quarter worth about $28,000. American National Bank & Trust increased its position in shares of L3Harris Technologies by 44.8% during the 4th quarter. American National Bank & Trust now owns 97 shares of the company's stock worth $28,000 after purchasing an additional 30 shares in the last quarter. JPL Wealth Management LLC acquired a new stake in shares of L3Harris Technologies during the 3rd quarter worth about $29,000. Triumph Capital Management acquired a new stake in shares of L3Harris Technologies during the 3rd quarter worth about $31,000. Finally, GGM Financials LLC acquired a new stake in shares of L3Harris Technologies during the 3rd quarter worth about $32,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Wall Street Analyst Weigh In

LHX has been the subject of several research reports. UBS Group raised their price objective on shares of L3Harris Technologies to $323.00 and gave the company a "neutral" rating in a research report on Wednesday, January 14th. Truist Financial set a $364.00 price objective on shares of L3Harris Technologies in a research report on Wednesday, January 14th. Susquehanna restated a "positive" rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. Wolfe Research restated an "outperform" rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Finally, Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $349.55.

L3Harris Technologies Stock Down 1.2%

Shares of NYSE LHX opened at $353.61 on Friday. The firm has a market capitalization of $66.05 billion, a PE ratio of 41.45, a price-to-earnings-growth ratio of 2.55 and a beta of 0.62. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. L3Harris Technologies Inc has a 1 year low of $208.11 and a 1 year high of $379.23. The firm's 50-day moving average is $354.54 and its 200-day moving average is $319.58.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. The company had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company's revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $3.47 EPS. Equities analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were paid a $1.25 dividend. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Friday, March 6th. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. L3Harris Technologies's payout ratio is 58.62%.

Insider Activity

In other L3Harris Technologies news, insider Samir Mehta sold 5,528 shares of the firm's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the transaction, the insider owned 7,756 shares in the company, valued at approximately $2,872,201.92. This trade represents a 41.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jon Rambeau sold 5,528 shares of the firm'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 transaction, the insider owned 7,660 shares in the company, valued at approximately $2,836,651.20. This trade represents a 41.92% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 19,025 shares of company stock valued at $6,824,370. 0.72% of the stock is currently owned by 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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