Bessemer Group Inc. Boosts Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Bessemer Group Inc. increased its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 111.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,629 shares of the company’s stock after purchasing an additional 7,187 shares during the quarter. Bessemer Group Inc.’s holdings in L3Harris Technologies were worth $2,904,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 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 worth $3,381,784,000 after acquiring an additional 3,308,506 shares during the period. Vanguard Group Inc. boosted its holdings in L3Harris Technologies by 15.4% in the 4th quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock worth $4,251,683,000 after acquiring an additional 2,692,771 shares during the period. Mizuho Markets Americas LLC boosted its holdings in 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 period. Norges Bank purchased a new position in L3Harris Technologies in the 4th quarter worth approximately $325,147,000. Finally, Wellington Management Group LLP boosted its holdings 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 during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insider Transactions at L3Harris Technologies

In other news, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $235.00, for a total value of $3,733,445.00. Following the completion of the transaction, the senior vice president now owns 47,616 shares of the company’s stock, valued at $11,189,760. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Christopher E. Kubasik sold 26,190 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 120,326 shares of the company’s stock, valued at $27,157,578.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott T. Mikuen sold 15,887 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the transaction, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at approximately $11,189,760. The disclosure for this sale can be found here. Over the last quarter, insiders sold 109,312 shares of company stock valued at $24,712,822. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

LHX has been the topic of a number of recent analyst reports. Wells Fargo & Company upped their target price on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Royal Bank of Canada upped their target price on L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, April 29th. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 target price on the stock in a research report on Monday, April 22nd. JPMorgan Chase & Co. upped their target price on L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Finally, Barclays upped their target price on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $231.80.

L3Harris Technologies Stock Performance

NYSE LHX traded up $5.27 during trading hours on Thursday, hitting $242.42. The company had a trading volume of 457,053 shares, compared to its average volume of 977,665. L3Harris Technologies, Inc. has a fifty-two week low of $160.25 and a fifty-two week high of $244.44. The company has a quick ratio of 0.80, a current ratio of 0.98 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $225.67 and a 200-day simple moving average of $215.61. The firm has a market cap of $45.98 billion, a P/E ratio of 38.50, a price-to-earnings-growth ratio of 2.00 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.17. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The firm had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. During the same period last year, the company earned $2.86 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities analysts predict that L3Harris Technologies, Inc. will post 12.99 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders 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 dividend yield of 1.91%. L3Harris Technologies’s payout ratio is 75.32%.

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.