Sumitomo Mitsui Trust Group Inc. Increases Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Sumitomo Mitsui Trust Group Inc. grew its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 524,327 shares of the company's stock after acquiring an additional 3,489 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.28% of L3Harris Technologies worth $109,747,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Meeder Asset Management Inc. boosted its holdings in L3Harris Technologies by 234.3% during the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after buying an additional 82 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in L3Harris Technologies during the fourth quarter worth $26,000. Beacon Capital Management LLC boosted its holdings in L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after buying an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in L3Harris Technologies by 336.4% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after buying an additional 111 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in L3Harris Technologies during the fourth quarter worth $37,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Trading Up 0.7%

L3Harris Technologies stock traded up $1.69 during midday trading on Tuesday, hitting $252.53. 957,380 shares of the stock were exchanged, compared to its average volume of 1,146,799. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. The stock has a market capitalization of $47.21 billion, a price-to-earnings ratio of 29.96, a PEG ratio of 2.00 and a beta of 0.75. The stock's 50-day simple moving average is $235.13 and its 200 day simple moving average is $219.19. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The firm had revenue of $5.13 billion during the quarter, compared to analysts' expectations of $5.29 billion. During the same period last year, the business earned $3.06 earnings per share. L3Harris Technologies's revenue was down 1.5% compared to the same quarter last year. On average, equities analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.90%. The ex-dividend date was Tuesday, June 3rd. L3Harris Technologies's payout ratio is currently 56.94%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. The Goldman Sachs Group raised shares of L3Harris Technologies from a "sell" rating to a "buy" rating and increased their price objective for the company from $198.00 to $263.00 in a report on Friday, April 11th. Jefferies Financial Group decreased their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Wells Fargo & Company decreased their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. UBS Group increased their price objective on shares of L3Harris Technologies from $222.00 to $226.00 and gave the company a "neutral" rating in a report on Monday, April 28th. Finally, Citigroup increased their price objective on shares of L3Harris Technologies from $245.00 to $280.00 and gave the company a "buy" rating in a report on Monday, June 9th. Five equities 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, the company presently has an average rating of "Moderate Buy" and a consensus price target of $258.75.

Insider Activity

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the transaction, the chief executive officer owned 145,572 shares of the company's stock, valued at $36,171,730.56. This trade represents a 18.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the 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 directly 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. 0.72% of the stock is currently owned by company insiders.

About L3Harris Technologies

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.