L3Harris Technologies, Inc. (NYSE:LHX) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 11.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,214,378 shares of the company’s stock after selling 420,102 shares during the quarter. Bank of New York Mellon Corp’s holdings in L3Harris Technologies were worth $675,919,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Roxbury Financial LLC purchased a new stake in shares of L3Harris Technologies during the fourth quarter worth approximately $30,000. Archer Investment Corp increased its stake in L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after buying an additional 43 shares during the period. Union Bancaire Privee UBP SA purchased a new position in L3Harris Technologies during the 4th quarter worth $33,000. Kennebec Savings Bank acquired a new stake in shares of L3Harris Technologies in the 3rd quarter worth $36,000. Finally, New Millennium Group LLC boosted its holdings in shares of L3Harris Technologies by 776.2% in the fourth quarter. New Millennium Group LLC now owns 184 shares of the company’s stock valued at $39,000 after acquiring an additional 163 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

NYSE:LHX opened at $204.19 on Wednesday. L3Harris Technologies, Inc. has a 12-month low of $193.09 and a 12-month high of $265.74. The firm has a market cap of $38.45 billion, a price-to-earnings ratio of 25.94, a price-to-earnings-growth ratio of 2.42 and a beta of 0.76. The company’s 50-day moving average is $209.53 and its two-hundred day moving average is $228.71. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Research analysts expect that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LHX. Truist Financial cut their price target on shares of L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating for the company in a report on Friday, January 31st. Wells Fargo & Company cut their target price on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating for the company in a research note on Wednesday, December 11th. Susquehanna reduced their price target on L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating for the company in a report on Wednesday, January 8th. Citigroup dropped their price objective on L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Finally, Raymond James downgraded L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, January 2nd. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 1,764 shares of the company’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $213.65, for a total value of $376,878.60. Following the completion of the transaction, the insider now directly owns 6,812 shares in the company, valued at approximately $1,455,383.80. This represents a 20.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 4,901 shares of company stock worth $1,059,757 over the last quarter. 0.87% of the stock is currently owned by insiders.

L3Harris Technologies 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.