Mizuho Securities USA LLC Trims Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Mizuho Securities USA LLC reduced its stake in L3Harris Technologies by 16.1%, now holding 15,078 shares worth approximately $3.16 million.
• Multiple analysts have recently raised their price targets for L3Harris Technologies, with estimates now ranging from $255 to $305, reflecting a positive outlook on the stock.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, equating to an annualized yield of 1.8% and a payout ratio of 53.63%.

Mizuho Securities USA LLC trimmed its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 16.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 15,078 shares of the company's stock after selling 2,898 shares during the period. Mizuho Securities USA LLC's holdings in L3Harris Technologies were worth $3,156,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in LHX. Brighton Jones LLC raised 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 acquiring an additional 3,001 shares during the period. Scotia Capital Inc. grew its holdings in shares of L3Harris Technologies by 1.9% in the fourth quarter. Scotia Capital Inc. now owns 8,207 shares of the company's stock valued at $1,726,000 after purchasing an additional 152 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of L3Harris Technologies by 39.9% in the fourth quarter. Sterling Capital Management LLC now owns 14,130 shares of the company's stock valued at $2,971,000 after purchasing an additional 4,028 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of L3Harris Technologies by 111.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 313,909 shares of the company's stock valued at $66,009,000 after purchasing an additional 165,673 shares in the last quarter. Finally, Sagespring Wealth Partners LLC acquired a new position in shares of L3Harris Technologies in the fourth quarter valued at approximately $1,291,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on LHX shares. Truist Financial lifted their price objective on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Royal Bank Of Canada lifted their price objective on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. Barclays lifted their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. UBS Group lifted their price objective on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Finally, Wall Street Zen cut shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Tuesday, August 5th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Trading Down 1.5%

Shares of L3Harris Technologies stock opened at $269.69 on Monday. The company has a fifty day simple moving average of $258.25 and a 200-day simple moving average of $229.92. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $280.52. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The stock has a market cap of $50.46 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 1.97 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (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 business had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same quarter in the prior year, the business posted $3.24 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm 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 dividend of $1.20 per share. The ex-dividend date 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 is currently 53.63%.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at $39,472,018.92. This represents a 33.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the sale, the insider owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 107,061 shares of company stock valued at $28,227,077. 0.72% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.