Bessemer Group Inc. Reduces Position in L3Harris Technologies Inc $LHX

Bessemer Group Inc. lessened its position in shares of L3Harris Technologies Inc (NYSE:LHX) by 15.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 942,981 shares of the company’s stock after selling 174,068 shares during the quarter. Bessemer Group Inc. owned about 0.50% of L3Harris Technologies worth $236,537,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Kiker Wealth Management LLC grew its stake in L3Harris Technologies by 137.0% during the 2nd quarter. Kiker Wealth Management LLC now owns 109 shares of the company’s stock worth $27,000 after buying an additional 63 shares during the last quarter. Clearstead Trust LLC purchased a new position in L3Harris Technologies during the 1st quarter worth approximately $26,000. Nova Wealth Management Inc. purchased a new position in L3Harris Technologies during the 1st quarter worth approximately $26,000. Harbor Asset Planning Inc. purchased a new position in L3Harris Technologies during the 2nd quarter worth approximately $32,000. Finally, Independence Bank of Kentucky grew its stake in L3Harris Technologies by 44.4% during the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company’s stock worth $33,000 after buying an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on LHX. Royal Bank Of Canada raised their price target on L3Harris Technologies from $265.00 to $280.00 and gave the stock a “sector perform” rating in a research note on Friday, July 25th. Morgan Stanley lifted their target price on L3Harris Technologies from $250.00 to $350.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. UBS Group lifted their target price on L3Harris Technologies from $262.00 to $280.00 and gave the company a “neutral” rating in a research note on Friday, July 25th. Susquehanna lifted their target price on L3Harris Technologies from $300.00 to $320.00 and gave the company a “positive” rating in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $287.63.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction on Friday, September 12th. The stock was sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares of the company’s stock, valued at approximately $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold 195,138 shares of company stock valued at $53,571,774 in the last quarter. 0.72% of the stock is owned by insiders.

L3Harris Technologies Stock Down 0.0%

L3Harris Technologies stock opened at $293.22 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $308.12. The company has a market cap of $54.86 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 2.14 and a beta of 0.76. The stock’s 50 day moving average price is $285.35 and its 200 day moving average price is $259.12.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the business earned $3.24 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, sell-side analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Monday, November 17th will be paid a $1.20 dividend. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. L3Harris Technologies’s payout ratio is 53.63%.

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.