M&T Bank Corp Reduces Position in L3Harris Technologies, Inc. (NYSE:LHX)

M&T Bank Corp lessened its holdings in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 36.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,707 shares of the company’s stock after selling 6,798 shares during the period. M&T Bank Corp’s holdings in L3Harris Technologies were worth $2,467,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Cross Staff Investments Inc boosted its position in shares of L3Harris Technologies by 12.4% during the fourth quarter. Cross Staff Investments Inc now owns 1,432 shares of the company’s stock valued at $302,000 after buying an additional 158 shares during the period. Sapient Capital LLC purchased a new position in shares of L3Harris Technologies during the fourth quarter valued at approximately $1,198,000. Bruce G. Allen Investments LLC purchased a new position in shares of L3Harris Technologies during the fourth quarter valued at approximately $46,000. BKM Wealth Management LLC purchased a new position in shares of L3Harris Technologies during the fourth quarter valued at approximately $1,125,000. Finally, South Dakota Investment Council boosted its position in shares of L3Harris Technologies by 43.2% during the third quarter. South Dakota Investment Council now owns 39,368 shares of the company’s stock valued at $6,855,000 after buying an additional 11,879 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, insider Edward J. Zoiss sold 3,707 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total transaction of $783,919.29. Following the transaction, the insider now directly owns 28,644 shares of the company’s stock, valued at $6,057,346.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director William H. Swanson acquired 1,250 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average cost of $215.35 per share, with a total value of $269,187.50. Following the completion of the acquisition, the director now owns 1,543 shares of the company’s stock, valued at $332,285.05. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Edward J. Zoiss sold 3,707 shares of L3Harris Technologies stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total value of $783,919.29. Following the sale, the insider now directly owns 28,644 shares of the company’s stock, valued at approximately $6,057,346.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,362 shares of company stock valued at $10,261,360. Corporate insiders own 0.87% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX opened at $215.88 on Thursday. The company has a market capitalization of $40.95 billion, a price-to-earnings ratio of 35.05, a price-to-earnings-growth ratio of 1.88 and a beta of 0.63. L3Harris Technologies, Inc. has a 52 week low of $160.25 and a 52 week high of $218.34. 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 firm has a 50 day moving average of $210.32 and a 200 day moving average of $203.41.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, April 25th. The company reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.17. The business had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.11 billion. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.86 earnings per share. On average, sell-side analysts predict that L3Harris Technologies, Inc. will post 12.91 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Tuesday, June 4th. L3Harris Technologies’s payout ratio is presently 75.32%.

Analyst Upgrades and Downgrades

LHX has been the subject of several research analyst reports. Wells Fargo & Company lifted their price target on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday. UBS Group lifted their price target on shares of L3Harris Technologies from $222.00 to $229.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Alembic Global Advisors raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price target for the company in a research note on Monday, April 22nd. StockNews.com downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Finally, Barclays lifted their price target on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $231.80.

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.