Sumitomo Mitsui Trust Group Inc. Has $200.60 Million Stake in L3Harris Technologies Inc $LHX

Key Points

• Sumitomo Mitsui Trust Group increased its stake in L3Harris Technologies by 2.4% in the first quarter, bringing its holdings to 581,188 shares valued at about $200.6 million.
• L3Harris reported better-than-expected quarterly results, posting $2.72 EPS versus estimates of $2.53 and $5.74 billion in revenue, up 11.9% year over year.
• The company continues to return cash to shareholders, paying a quarterly dividend of $1.25 per share for an annualized yield of 1.7%, while analysts currently rate the stock a Moderate Buy with an average target price of $354.75.

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 2.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 581,188 shares of the company's stock after purchasing an additional 13,674 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.31% of L3Harris Technologies worth $200,597,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Artisan Partners Limited Partnership raised its position in L3Harris Technologies by 174.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,900,509 shares of the company's stock worth $557,933,000 after purchasing an additional 1,207,334 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of L3Harris Technologies by 560.7% during the third quarter. Two Sigma Investments LP now owns 614,287 shares of the company's stock worth $187,609,000 after purchasing an additional 521,312 shares in the last quarter. Boston Partners grew its stake in L3Harris Technologies by 27.6% in the fourth quarter. Boston Partners now owns 2,401,871 shares of the company's stock valued at $709,396,000 after acquiring an additional 519,226 shares during the period. M&T Bank Corp grew its position in shares of L3Harris Technologies by 3,127.8% in the 4th quarter. M&T Bank Corp now owns 408,740 shares of the company's stock valued at $119,994,000 after purchasing an additional 396,077 shares during the period. Finally, Diamant Asset Management Inc. boosted its holdings in shares of L3Harris Technologies by 34,415.0% in the first quarter. Diamant Asset Management Inc. now owns 357,230 shares of the company's stock valued at $123,298,000 after buying an additional 356,195 shares during the period. 84.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. UBS Group lowered their target price on L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating for the company in a report on Friday, May 1st. Sanford C. Bernstein decreased their price objective on L3Harris Technologies to $405.00 and set an "outperform" rating for the company in a report on Monday, May 4th. Truist Financial raised L3Harris Technologies to a "strong-buy" rating in a research report on Friday, May 1st. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Finally, Weiss Ratings downgraded L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of "Moderate Buy" and an average target price of $354.75.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $289.44 on Friday. The company has a current ratio of 1.03, a quick ratio of 0.89 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $53.92 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 1.48 and a beta of 0.51. The stock's 50 day moving average is $303.58 and its 200-day moving average is $329.52. L3Harris Technologies Inc has a 12 month low of $256.51 and a 12 month high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.53 by $0.19. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.The company had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.42 billion. During the same quarter last year, the firm earned $2.41 earnings per share. The company's revenue was up 11.9% on a year-over-year basis. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. Equities research analysts expect that L3Harris Technologies Inc will post 11.52 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $5.00 annualized dividend and a yield of 1.7%. L3Harris Technologies's payout ratio is currently 54.29%.

Insiders Place Their Bets

In related news, VP Melanie Rakita sold 2,180 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $310.45, for a total transaction of $676,781.00. Following the completion of the sale, the vice president owned 4,192 shares of the company's stock, valued at $1,301,406.40. This represents a 34.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.68% of the stock is owned by corporate insiders.

About L3Harris Technologies

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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