Bank of New York Mellon Corp Has $1.21 Billion Stock Position in L3Harris Technologies Inc $LHX

Bank of New York Mellon Corp lessened its stake in L3Harris Technologies Inc (NYSE:LHX) by 3.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,965,728 shares of the company’s stock after selling 151,302 shares during the quarter. Bank of New York Mellon Corp owned 2.12% of L3Harris Technologies worth $1,211,173,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in LHX. Kiker Wealth Management LLC increased its holdings 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 purchasing an additional 63 shares in the last quarter. Harbor Asset Planning Inc. acquired a new position in shares of L3Harris Technologies during the second quarter worth about $32,000. Independence Bank of Kentucky grew its holdings in shares of L3Harris Technologies by 44.4% during the second quarter. Independence Bank of Kentucky now owns 130 shares of the company’s stock worth $33,000 after buying an additional 40 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new stake in L3Harris Technologies in the 2nd quarter valued at approximately $34,000. Finally, Salomon & Ludwin LLC bought a new stake in L3Harris Technologies in the 3rd quarter valued at approximately $34,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 14,171 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $301.05, for a total value of $4,266,179.55. Following the transaction, the chief executive officer directly owned 144,426 shares in the company, valued at $43,479,447.30. The trade was a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

LHX has been the subject of several research reports. Citigroup raised their price target on shares of L3Harris Technologies from $331.00 to $389.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Susquehanna restated a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Wall Street Zen lowered shares of L3Harris Technologies from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 11th. Morgan Stanley boosted their price target on shares of L3Harris Technologies from $250.00 to $350.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 15th. Finally, BNP Paribas Exane upgraded L3Harris Technologies to a “hold” rating in a report on Tuesday, November 18th. Fourteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $315.73.

L3Harris Technologies Stock Up 1.9%

L3Harris Technologies stock opened at $360.78 on Wednesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.95. The company’s 50-day moving average is $303.89 and its 200-day moving average is $289.85. The firm has a market capitalization of $67.48 billion, a PE ratio of 38.75, a P/E/G ratio of 2.21 and a beta of 0.66. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $362.42.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, October 30th. The company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.60 by $0.10. The business had revenue of $5.66 billion during the quarter, compared to analysts’ expectations of $5.51 billion. L3Harris Technologies had a return on equity of 11.08% and a net margin of 8.09%.L3Harris Technologies’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company posted $3.34 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.500-10.700 EPS. Sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 annualized dividend and a yield of 1.4%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is 51.56%.

L3Harris Technologies Company Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.