Meiji Yasuda Asset Management Co Ltd. Boosts Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

Meiji Yasuda Asset Management Co Ltd. raised its holdings in L3Harris Technologies, Inc. (NYSE:LHX) by 8.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,473 shares of the company’s stock after buying an additional 482 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in L3Harris Technologies were worth $1,454,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in L3Harris Technologies by 12.9% in the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after buying an additional 2,606,267 shares during the period. Capital World Investors grew its holdings in L3Harris Technologies by 26.0% in the 4th quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock valued at $3,381,784,000 after buying an additional 3,308,506 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in L3Harris Technologies by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock valued at $2,052,411,000 after buying an additional 45,845 shares during the period. Wellington Management Group LLP grew its holdings in L3Harris Technologies by 34.7% in the 4th quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock valued at $930,288,000 after buying an additional 1,138,549 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in 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 buying an additional 523,315 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Insiders Place Their Bets

In other L3Harris Technologies news, SVP Scott T. Mikuen sold 15,887 shares of L3Harris Technologies stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $11,189,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Scott T. Mikuen sold 15,887 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $235.00, for a total value of $3,733,445.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $11,189,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott T. Mikuen sold 10,527 shares of the business’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 sale, the senior vice president now owns 47,616 shares of the company’s stock, valued at $10,951,680. The disclosure for this sale can be found here. Insiders have sold 29,402 shares of company stock worth $6,861,855 in the last three months. 0.82% of the stock is owned by insiders.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $230.46 on Friday. The stock’s 50 day moving average price is $231.31 and its 200 day moving average price is $221.65. The firm has a market capitalization of $43.71 billion, a PE ratio of 37.41, a price-to-earnings-growth ratio of 1.95 and a beta of 0.73. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. L3Harris Technologies, Inc. has a one year low of $160.25 and a one year high of $245.60.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same period in the previous year, the business earned $2.97 EPS. L3Harris Technologies’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts expect that L3Harris Technologies, Inc. will post 13.06 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be issued a dividend of $1.16 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.64 annualized dividend and a yield of 2.01%. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Analysts Set New Price Targets

Several research firms have recently weighed in on LHX. Barclays lifted their price objective on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Royal Bank of Canada lowered L3Harris Technologies from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $250.00 to $240.00 in a research note on Wednesday, August 14th. Wells Fargo & Company reduced 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. Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a “buy” rating to a “hold” rating and lifted their price objective for the company from $245.00 to $257.00 in a research note on Friday, July 26th. Finally, Susquehanna lifted their price objective on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $247.08.

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.