Brown Brothers Harriman & Co. Decreases Position in L3Harris Technologies, Inc. (NYSE:LHX)

Brown Brothers Harriman & Co. reduced its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 38.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 470 shares of the company’s stock after selling 290 shares during the period. Brown Brothers Harriman & Co.’s holdings in L3Harris Technologies were worth $106,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LHX. RFG Advisory LLC lifted its holdings in L3Harris Technologies by 3.1% in the second quarter. RFG Advisory LLC now owns 1,416 shares of the company’s stock worth $318,000 after purchasing an additional 43 shares during the period. Optas LLC boosted its holdings in shares of L3Harris Technologies by 3.3% in the second quarter. Optas LLC now owns 1,381 shares of the company’s stock valued at $310,000 after acquiring an additional 44 shares in the last quarter. Founders Financial Securities LLC increased its stake in shares of L3Harris Technologies by 2.8% during the second quarter. Founders Financial Securities LLC now owns 1,774 shares of the company’s stock valued at $398,000 after acquiring an additional 48 shares during the period. Whitener Capital Management Inc. raised its holdings in L3Harris Technologies by 3.0% during the second quarter. Whitener Capital Management Inc. now owns 1,715 shares of the company’s stock worth $385,000 after purchasing an additional 50 shares in the last quarter. Finally, Newman Dignan & Sheerar Inc. lifted its position in L3Harris Technologies by 0.6% in the second quarter. Newman Dignan & Sheerar Inc. now owns 8,888 shares of the company’s stock worth $1,996,000 after purchasing an additional 55 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Price Performance

NYSE:LHX opened at $229.71 on Thursday. The business’s fifty day moving average price is $231.31 and its 200 day moving average price is $221.59. The firm has a market capitalization of $43.57 billion, a price-to-earnings ratio of 37.29, a PEG ratio of 1.95 and a beta of 0.73. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. L3Harris Technologies, Inc. has a 1-year low of $160.25 and a 1-year high of $245.60.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, beating the consensus estimate of $3.18 by $0.06. The company had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.30 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.97 EPS. On average, sell-side analysts forecast that L3Harris Technologies, Inc. will post 13.06 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 Friday, September 20th. Stockholders of record on Friday, September 6th will be given a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Friday, September 6th. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Analyst Ratings Changes

A number of analysts have recently commented on LHX shares. Wells Fargo & Company dropped their price objective on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Barclays boosted their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $245.00 to $257.00 in a research note on Friday, July 26th. Royal Bank of Canada downgraded shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $250.00 to $240.00 in a report on Wednesday, August 14th. Finally, Susquehanna raised their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $247.08.

Insiders Place Their Bets

In related news, SVP Scott T. Mikuen sold 10,527 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $230.00, for a total transaction of $2,421,210.00. Following the completion of the transaction, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $10,951,680. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Scott T. Mikuen sold 15,887 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the transaction, the senior vice president now directly owns 47,616 shares in the company, valued at $11,189,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Scott T. Mikuen sold 10,527 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $230.00, for a total value of $2,421,210.00. Following the completion of the transaction, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at approximately $10,951,680. The disclosure for this sale can be found here. Insiders have sold a total of 29,402 shares of company stock valued at $6,861,855 in the last three months. Company insiders own 0.82% of the company’s stock.

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.