New York State Teachers Retirement System Cuts Position in L3Harris Technologies, Inc. (NYSE:LHX)

New York State Teachers Retirement System cut its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 5.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 159,994 shares of the company’s stock after selling 9,764 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of L3Harris Technologies worth $35,931,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Capital World Investors grew its holdings in L3Harris Technologies by 26.0% during the fourth quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock valued at $3,381,784,000 after purchasing an additional 3,308,506 shares during the period. Vanguard Group Inc. raised its holdings in L3Harris Technologies by 15.4% during the 4th quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock valued at $4,251,683,000 after buying an additional 2,692,771 shares during the period. Mizuho Markets Americas LLC lifted its holdings in shares of L3Harris Technologies by 990.3% in the 4th quarter. Mizuho Markets Americas LLC now owns 2,204,675 shares of the company’s stock worth $464,349,000 after acquiring an additional 2,002,475 shares during the last quarter. Norges Bank purchased a new position in L3Harris Technologies during the 4th quarter valued at $325,147,000. Finally, Wellington Management Group LLP grew its stake in L3Harris Technologies by 34.7% in the 4th quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after acquiring an additional 1,138,549 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 25,000 shares of L3Harris Technologies stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $222.45, for a total value of $5,561,250.00. Following the completion of the transaction, the chief executive officer now owns 120,326 shares in the company, valued at approximately $26,766,518.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Christopher E. Kubasik sold 25,000 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $222.45, for a total transaction of $5,561,250.00. Following the transaction, the chief executive officer now owns 120,326 shares in the company, valued at approximately $26,766,518.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Christopher E. Kubasik sold 26,190 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the completion of the sale, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at approximately $27,157,578.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 84,312 shares of company stock worth $19,085,072. Company insiders own 0.82% of the company’s stock.

L3Harris Technologies Price Performance

NYSE:LHX opened at $230.68 on Friday. The firm’s fifty day moving average is $228.75 and its two-hundred day moving average is $219.01. The firm has a market cap of $43.76 billion, a price-to-earnings ratio of 37.45, a PEG ratio of 1.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. L3Harris Technologies, Inc. has a one year low of $160.25 and a one year high of $245.60.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The firm had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same quarter in the prior year, the business earned $2.97 earnings per share. The company’s revenue was up 12.9% compared to the same quarter last year. Research analysts expect that L3Harris Technologies, Inc. will post 13.04 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.64 dividend on an annualized basis and a yield of 2.01%. L3Harris Technologies’s payout ratio is 75.32%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Susquehanna lifted their price target on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $275.00 to $257.00 in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their price target on L3Harris Technologies from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and increased their price objective for the company from $245.00 to $257.00 in a report on Friday, July 26th. Finally, Wells Fargo & Company dropped their target price on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $244.43.

L3Harris Technologies Company Profile

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.