L3Harris Technologies Inc (NYSE:LHX) is Mizuho Markets Americas LLC's 4th Largest Position

Key Points

• Mizuho Markets Americas LLC reduced its holdings in L3Harris Technologies by 17.7% in the first quarter, now owning approximately 977,179 shares worth $204.5 million.
• Insider selling has occurred, with CEO Christopher E. Kubasik dropping 72,000 shares for around $19.5 million, reducing his ownership by 33%.
• Analysts have mixed opinions on the stock, with recent ratings adjustments including a downgrade to "hold" from Wall Street Zen, while UBS and Citigroup raised their target prices to $280.00 and $323.00, respectively.

Mizuho Markets Americas LLC reduced its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 17.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 977,179 shares of the company's stock after selling 210,690 shares during the quarter. L3Harris Technologies accounts for approximately 4.2% of Mizuho Markets Americas LLC's investment portfolio, making the stock its 4th largest holding. Mizuho Markets Americas LLC owned approximately 0.52% of L3Harris Technologies worth $204,533,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Clearstead Trust LLC bought a new position in L3Harris Technologies in the first quarter worth about $26,000. Beacon Capital Management LLC raised its stake in shares of 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 in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of 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 in the last quarter. Park Square Financial Group LLC purchased a new stake in L3Harris Technologies during the fourth quarter valued at approximately $37,000. Finally, Cornerstone Planning Group LLC boosted its stake in L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after acquiring an additional 139 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

LHX stock traded up $0.89 during trading on Thursday, hitting $271.11. 606,038 shares of the company traded hands, compared to its average volume of 1,441,900. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52. The stock's 50-day simple moving average is $259.88 and its 200 day simple moving average is $230.83. The company has a market cap of $50.72 billion, a PE ratio of 30.29, a P/E/G ratio of 1.98 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. During the same quarter last year, the business earned $3.24 earnings per share. The firm's revenue was up 2.4% on a year-over-year basis. On average, equities analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies's dividend payout ratio (DPR) is currently 53.63%.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,138 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $269.52, for a total transaction of $10,817,993.76. Following the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at $39,236,182.56. This trade represents a 21.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction, the insider owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 147,199 shares of company stock worth $39,045,071 in the last three months. 0.72% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on LHX shares. Royal Bank Of Canada increased their price target on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Wall Street Zen lowered shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Robert W. Baird raised their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Finally, Citigroup boosted their price objective on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Profile

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.