Nikko Asset Management Americas Inc. Cuts Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Nikko Asset Management Americas Inc. reduced its stake in L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 22.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,088 shares of the company's stock after selling 17,493 shares during the quarter. Nikko Asset Management Americas Inc.'s holdings in L3Harris Technologies were worth $12,846,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in shares of L3Harris Technologies during the fourth quarter valued at approximately $398,507,000. National Pension Service boosted its stake in L3Harris Technologies by 42.1% during the 4th quarter. National Pension Service now owns 606,047 shares of the company's stock valued at $127,440,000 after purchasing an additional 179,539 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of L3Harris Technologies by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company's stock worth $184,245,000 after purchasing an additional 178,407 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of L3Harris Technologies by 132.4% in the fourth quarter. Victory Capital Management Inc. now owns 280,540 shares of the company's stock worth $58,992,000 after purchasing an additional 159,806 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of L3Harris Technologies during the fourth quarter valued at $25,071,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Remove Ads

L3Harris Technologies Stock Performance

NYSE LHX traded down $1.74 on Friday, reaching $208.15. 1,931,912 shares of the stock were exchanged, compared to its average volume of 923,340. 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, Inc. has a one year low of $193.09 and a one year high of $265.74. The firm has a market capitalization of $39.07 billion, a PE ratio of 26.45, a PEG ratio of 2.42 and a beta of 0.74. The company's 50-day simple moving average is $209.80 and its two-hundred day simple moving average is $226.46.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The company reported $3.47 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%. Analysts expect that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Monday, March 10th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, March 10th. This represents a $4.80 annualized dividend and a dividend yield of 2.31%. This is a boost from L3Harris Technologies's previous quarterly dividend of $1.16. L3Harris Technologies's dividend payout ratio (DPR) is currently 60.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wells Fargo & Company reduced their price objective on L3Harris Technologies from $269.00 to $268.00 and set an "overweight" rating for the company in a report on Friday, March 7th. UBS Group increased their price objective on shares of L3Harris Technologies from $228.00 to $237.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Susquehanna dropped their target price on shares of L3Harris Technologies from $300.00 to $258.00 and set a "positive" rating on the stock in a report on Wednesday, January 8th. Barclays decreased their target price on shares of L3Harris Technologies from $290.00 to $255.00 and set an "overweight" rating for the company in a research note on Monday, January 6th. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $240.00 price target on shares of L3Harris Technologies in a research note on Friday, January 31st. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $261.40.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 1,764 shares of L3Harris Technologies stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $213.65, for a total transaction of $376,878.60. Following the sale, the insider now owns 6,812 shares in the company, valued at $1,455,383.80. This trade represents a 20.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Edward J. Zoiss sold 1,783 shares of the company's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the transaction, the insider now owns 30,620 shares of the company's stock, valued at approximately $6,475,517.60. This represents a 5.50 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,098 shares of company stock valued at $1,760,588. 0.72% of the stock is owned by company insiders.

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.