Sumitomo Mitsui Trust Group Inc. Sells 10,815 Shares of L3Harris Technologies Inc $LHX

Key Points

• Sumitomo Mitsui Trust Group sold 10,815 shares of L3Harris, trimming its stake by 1.9% to 567,514 shares (about 0.30% of the company) valued at roughly $166.6 million, per its latest 13F filing.
• L3Harris beat quarterly EPS estimates ($2.86 vs. $2.76) while revenue of $5.65 billion slightly missed forecasts, and the company raised its quarterly dividend to $1.25 (annualized $5.00, ~1.4% yield).
• Institutional ownership stands at 84.76% with a consensus analyst rating of "Moderate Buy" (target ~$349.55), even as insiders sold 19,025 shares over the past 90 days (insider ownership 0.68%).

Sumitomo Mitsui Trust Group Inc. lessened its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 567,514 shares of the company's stock after selling 10,815 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.30% of L3Harris Technologies worth $166,605,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Bank of America Corp DE boosted its position in shares of L3Harris Technologies by 3.1% in the second quarter. Bank of America Corp DE now owns 1,728,519 shares of the company's stock valued at $433,582,000 after acquiring an additional 52,776 shares during the period. Capital Research Global Investors boosted its position in shares of L3Harris Technologies by 23.3% in the third quarter. Capital Research Global Investors now owns 1,657,085 shares of the company's stock valued at $506,090,000 after acquiring an additional 312,846 shares during the period. AGF Management Ltd. boosted its position in shares of L3Harris Technologies by 15.9% in the third quarter. AGF Management Ltd. now owns 1,500,887 shares of the company's stock valued at $458,386,000 after acquiring an additional 205,479 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of L3Harris Technologies by 2.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,440,599 shares of the company's stock valued at $439,920,000 after acquiring an additional 35,951 shares during the period. Finally, Victory Capital Management Inc. boosted its position in shares of L3Harris Technologies by 1,053.9% in the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company's stock valued at $360,964,000 after acquiring an additional 1,079,474 shares during the period. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Up 0.0%

LHX stock opened at $353.61 on Monday. The company has a market cap of $66.05 billion, a PE ratio of 41.45, a price-to-earnings-growth ratio of 1.79 and a beta of 0.62. The business has a 50-day simple moving average of $354.54 and a 200 day simple moving average of $319.82. L3Harris Technologies Inc has a 52 week low of $208.11 and a 52 week high of $379.23. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts' consensus estimates of $2.76 by $0.10. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.L3Harris Technologies's revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.47 earnings per share. Sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were paid a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, March 6th. This is a positive change from L3Harris Technologies's previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a yield of 1.4%. L3Harris Technologies's payout ratio is presently 58.62%.

Analyst Upgrades and Downgrades

LHX has been the subject of a number of analyst reports. Weiss Ratings raised L3Harris Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, December 29th. Citigroup boosted their price target on L3Harris Technologies from $389.00 to $418.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. TD Cowen reaffirmed a "buy" rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, UBS Group boosted their price target on L3Harris Technologies to $323.00 and gave the company a "neutral" rating in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $349.55.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Samir Mehta sold 5,528 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the transaction, the insider owned 7,756 shares of the company's stock, valued at approximately $2,872,201.92. The trade was a 41.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jon Rambeau sold 5,528 shares of the business's stock in a transaction dated 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 directly owned 7,660 shares of the company's stock, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 19,025 shares of company stock valued at $6,824,370. 0.68% of the stock is currently 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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