Sumitomo Mitsui Trust Group Inc. Sells 18,218 Shares of L3Harris Technologies, Inc. (NYSE:LHX)

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX - Free Report) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 520,838 shares of the company's stock after selling 18,218 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.27% of L3Harris Technologies worth $109,522,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in LHX. Archer Investment Corp raised its holdings in L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company's stock worth $31,000 after buying an additional 43 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in L3Harris Technologies during the 4th quarter worth about $33,000. Kennebec Savings Bank acquired a new stake in L3Harris Technologies during the 3rd quarter worth about $36,000. New Millennium Group LLC raised its holdings in L3Harris Technologies by 776.2% during the 4th quarter. New Millennium Group LLC now owns 184 shares of the company's stock worth $39,000 after buying an additional 163 shares during the period. Finally, Trust Co. of Vermont raised its holdings in L3Harris Technologies by 78.9% during the 4th quarter. Trust Co. of Vermont now owns 195 shares of the company's stock worth $41,000 after buying an additional 86 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Performance

Shares of LHX stock traded down $6.27 during trading hours on Wednesday, hitting $200.48. 1,694,477 shares of the company were exchanged, compared to its average volume of 1,287,359. The firm has a fifty day simple moving average of $215.60 and a 200 day simple moving average of $230.76. 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 52-week low of $199.56 and a 52-week high of $265.74. The stock has a market capitalization of $38.03 billion, a price-to-earnings ratio of 25.47, a P/E/G ratio of 1.75 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping 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 predict that L3Harris Technologies, Inc. will post 11.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LHX has been the topic of several research analyst reports. Sanford C. Bernstein raised L3Harris Technologies from a "market perform" rating to an "outperform" rating and lowered their target price for the company from $289.00 to $267.00 in a research note on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft lowered their target price on L3Harris Technologies from $250.00 to $229.00 and set a "hold" rating on the stock in a research note on Thursday, January 2nd. Raymond James cut L3Harris Technologies from an "outperform" rating to a "market perform" rating in a research note on Thursday, January 2nd. Bank of America lowered their price target on L3Harris Technologies from $300.00 to $265.00 and set a "buy" rating for the company in a research note on Tuesday, February 4th. Finally, StockNews.com raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Monday, October 28th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $262.67.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $213.65, for a total value of $376,878.60. Following the completion of the sale, the insider now directly owns 6,812 shares of the company's stock, valued at $1,455,383.80. This represents a 20.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 4,901 shares of company stock valued at $1,059,757 over the last three months. Insiders own 0.82% of the company's stock.

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.