L3Harris Technologies, Inc. (NYSE:LHX) Stock Position Decreased by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 15.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 141,152 shares of the company’s stock after selling 26,153 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in L3Harris Technologies were worth $33,576,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake 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 acquiring an additional 523,315 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of L3Harris Technologies by 1.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock valued at $485,215,000 after acquiring an additional 27,763 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of L3Harris Technologies by 5.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock valued at $366,875,000 after acquiring an additional 85,882 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of L3Harris Technologies by 2.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock valued at $334,429,000 after acquiring an additional 31,686 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of L3Harris Technologies by 12.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,405,337 shares of the company’s stock valued at $315,611,000 after acquiring an additional 156,453 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $246.13 on Friday. L3Harris Technologies, Inc. has a 1-year low of $188.95 and a 1-year high of $265.74. The firm has a market capitalization of $46.68 billion, a PE ratio of 38.88, a PEG ratio of 2.05 and a beta of 0.72. The business’s 50 day moving average is $246.22 and its 200-day moving average is $234.06. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. L3Harris Technologies’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.19 EPS. Sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is 73.30%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. The trade was a 18.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 8,964 shares of company stock valued at $2,179,119 in the last 90 days. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of recent analyst reports. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Wells Fargo & Company raised their target price on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a report on Tuesday. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a report on Thursday, October 10th. Finally, Royal Bank of Canada raised their target price on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $269.67.

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.