Natixis Advisors LLC Sells 79,034 Shares of L3Harris Technologies Inc $LHX

Key Points

• Natixis Advisors LLC trimmed its stake in L3Harris by 28.5% in Q3, selling 79,034 shares and leaving it with 198,629 shares worth about $60.66 million (≈0.11% of the company).
• L3Harris increased its quarterly dividend to $1.25 (annualized $5.00, yield 1.3%), with an ex-dividend date of March 6 and payment on March 20.
• Company insiders have been net sellers, offloading 19,025 shares worth $6.82 million in the last 90 days, including sizable sales by VP Melanie Rakita and Samir Mehta that materially reduced their holdings.

Natixis Advisors LLC trimmed its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 28.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 198,629 shares of the company's stock after selling 79,034 shares during the period. Natixis Advisors LLC owned about 0.11% of L3Harris Technologies worth $60,663,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of LHX. Vanguard Group Inc. boosted its position in L3Harris Technologies by 0.5% during the second quarter. Vanguard Group Inc. now owns 23,170,042 shares of the company's stock valued at $5,811,973,000 after purchasing an additional 121,619 shares during the last quarter. State Street Corp increased its position in shares of L3Harris Technologies by 1.2% during the 2nd quarter. State Street Corp now owns 8,874,482 shares of the company's stock worth $2,226,075,000 after purchasing an additional 105,402 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of L3Harris Technologies by 0.8% during the 2nd quarter. Geode Capital Management LLC now owns 4,948,981 shares of the company's stock worth $1,236,410,000 after purchasing an additional 38,820 shares in the last quarter. Boston Partners raised its stake in shares of L3Harris Technologies by 72.1% during the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company's stock worth $504,160,000 after purchasing an additional 838,546 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of L3Harris Technologies by 3.1% in the 2nd quarter. Bank of America Corp DE now owns 1,728,519 shares of the company's stock valued at $433,582,000 after buying an additional 52,776 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Up 1.2%

LHX opened at $370.90 on Tuesday. The stock's fifty day simple moving average is $344.02 and its 200 day simple moving average is $306.71. L3Harris Technologies Inc has a 1-year low of $195.72 and a 1-year high of $379.23. The stock has a market cap of $69.28 billion, a PE ratio of 43.48, a price-to-earnings-growth ratio of 2.64 and a beta of 0.63. 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 (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping analysts' consensus estimates of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm had revenue of $5.65 billion during the quarter, compared to analysts' expectations of $5.76 billion. During the same period in the previous year, the business posted $3.47 earnings per share. The company's revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from L3Harris Technologies's previous quarterly dividend of $1.20. L3Harris Technologies's payout ratio is presently 58.62%.

Insider Activity at L3Harris Technologies

In other news, VP Melanie Rakita sold 2,378 shares of the company's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $341.45, for a total value of $811,968.10. Following the transaction, the vice president owned 4,882 shares of the company's stock, valued at approximately $1,666,958.90. This represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Samir Mehta sold 5,528 shares of the stock in a transaction that occurred on 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 7,756 shares in the company, valued at approximately $2,872,201.92. This trade represents a 41.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 19,025 shares of company stock worth $6,824,370. Insiders own 0.72% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on LHX shares. Susquehanna restated a "positive" rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Vertical Research reiterated a "buy" rating and issued a $355.00 price target on shares of L3Harris Technologies in a research note on Tuesday, January 13th. Weiss Ratings raised shares of L3Harris Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, December 29th. BNP Paribas Exane upgraded shares of L3Harris Technologies to a "hold" rating in a research note on Tuesday, November 18th. Finally, JPMorgan Chase & Co. upped their target price on shares of L3Harris Technologies from $340.00 to $395.00 and gave the company an "overweight" rating in a report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $328.57.

L3Harris Technologies Company 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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