M&T Bank Corp Purchases 396,077 Shares of L3Harris Technologies Inc $LHX

Key Points

• M&T Bank Corp boosted its stake in L3Harris by 3,127.8% in Q4, purchasing 396,077 shares to own 408,740 shares (about 0.22% of the company) valued at roughly $119.99 million.
• Company insiders have been net sellers recently—19,025 shares (~$6.82 million) sold in the last 90 days—including VP Melanie Rakita and Jon Rambeau who trimmed their holdings on March 2, reducing their positions by 15.38% and 41.92%, respectively.
• L3Harris beat quarterly EPS estimates ($2.86 vs. $2.76) but narrowly missed revenue expectations, raised its quarterly dividend to $1.25 (annualized $5.00, yield 1.5%), and carries a consensus analyst rating of Moderate Buy with a $349.55 price target.

M&T Bank Corp grew its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3,127.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 408,740 shares of the company's stock after acquiring an additional 396,077 shares during the quarter. M&T Bank Corp owned 0.22% of L3Harris Technologies worth $119,994,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of LHX. First Horizon Corp bought a new stake in L3Harris Technologies in the third quarter valued at $10,667,000. Merit Financial Group LLC grew its position in L3Harris Technologies by 55.9% in the third quarter. Merit Financial Group LLC now owns 9,989 shares of the company's stock valued at $3,051,000 after acquiring an additional 3,583 shares during the period. Korea Investment CORP grew its position in L3Harris Technologies by 11.2% in the third quarter. Korea Investment CORP now owns 153,567 shares of the company's stock valued at $46,901,000 after acquiring an additional 15,408 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in L3Harris Technologies by 13.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company's stock valued at $9,230,000 after acquiring an additional 3,532 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in L3Harris Technologies by 32.6% in the third quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company's stock valued at $6,513,000 after acquiring an additional 5,239 shares during the period. Institutional investors own 84.76% of the company's stock.

Insider Activity

In other news, VP Melanie Rakita sold 751 shares of L3Harris Technologies stock in a transaction on Monday, March 2nd. The stock was 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction on Monday, March 2nd. The shares were 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 $2,836,651.20. This trade represents a 41.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 19,025 shares of company stock valued at $6,824,370. Company insiders own 0.68% of the company's stock.

L3Harris Technologies Trading Down 2.3%

LHX stock opened at $340.52 on Wednesday. The business has a fifty day moving average price of $355.40 and a 200 day moving average price of $322.51. L3Harris Technologies Inc has a fifty-two week low of $208.11 and a fifty-two week high of $379.23. The stock has a market capitalization of $63.61 billion, a price-to-earnings ratio of 39.92, a P/E/G ratio of 1.76 and a beta of 0.62. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating analysts' consensus estimates of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm had revenue of $5.65 billion during the quarter, compared to analysts' expectations of $5.76 billion. During the same period last year, the firm posted $3.47 EPS. The business's revenue was up 2.3% on a year-over-year basis. Analysts expect that L3Harris Technologies Inc will post 11.5 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The company 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 an increase 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 1.5%. L3Harris Technologies's payout ratio is 58.62%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Vertical Research reiterated a "buy" rating and issued a $355.00 price target on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Truist Financial set a $364.00 price target on L3Harris Technologies in a report on Wednesday, January 14th. Argus raised L3Harris Technologies to a "strong-buy" rating in a report on Friday, February 27th. Finally, Susquehanna reaffirmed a "positive" rating on shares of L3Harris Technologies in a report on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $349.55.

L3Harris Technologies Profile

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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