Brown Brothers Harriman & Co. Cuts Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Brown Brothers Harriman & Co. trimmed its position in L3Harris Technologies, Inc. (NYSE:LHX) by 38.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 470 shares of the company’s stock after selling 290 shares during the period. Brown Brothers Harriman & Co.’s holdings in L3Harris Technologies were worth $106,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of L3Harris Technologies by 12.9% in the first quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after acquiring an additional 2,606,267 shares in the last quarter. Capital World Investors boosted its holdings in L3Harris Technologies by 26.0% in the 4th 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 in the last quarter. Price T Rowe Associates Inc. MD increased its position in L3Harris Technologies by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock worth $2,052,411,000 after purchasing an additional 45,845 shares during the period. Wellington Management Group LLP raised its stake in shares of L3Harris Technologies by 34.7% during the 4th quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after buying an additional 1,138,549 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of L3Harris Technologies by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after buying an additional 523,315 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the transaction, the insider now owns 16,316 shares of the company’s stock, valued at $3,861,670.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Scott T. Mikuen sold 10,527 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $230.00, for a total transaction of $2,421,210.00. Following the completion of the sale, the senior vice president now owns 47,616 shares in the company, valued at approximately $10,951,680. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the transaction, the insider now owns 16,316 shares in the company, valued at approximately $3,861,670.88. The disclosure for this sale can be found here. Insiders sold a total of 29,402 shares of company stock valued at $6,861,855 over the last quarter. Company insiders own 0.82% of the company’s stock.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $229.71 on Thursday. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $43.57 billion, a P/E ratio of 37.29, a P/E/G ratio of 1.95 and a beta of 0.73. L3Harris Technologies, Inc. has a 52-week low of $160.25 and a 52-week high of $245.60. The stock’s fifty day simple moving average is $231.31 and its 200-day simple moving average is $221.59.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.18 by $0.06. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.97 EPS. As a group, equities research analysts forecast that L3Harris Technologies, Inc. will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a $1.16 dividend. The ex-dividend date is Friday, September 6th. This represents a $4.64 annualized dividend and a yield of 2.02%. L3Harris Technologies’s payout ratio is currently 75.32%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and upped their price objective for the stock from $245.00 to $257.00 in a report on Friday, July 26th. Wells Fargo & Company lowered their price target on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Susquehanna raised their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Finally, Barclays lifted their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus target price of $247.08.

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.