ING Groep NV Trims Stock Holdings in L3Harris Technologies, Inc. (NYSE:LHX)

ING Groep NV lowered its position in L3Harris Technologies, Inc. (NYSE:LHX) by 0.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,371 shares of the company’s stock after selling 153 shares during the period. ING Groep NV’s holdings in L3Harris Technologies were worth $6,035,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in L3Harris Technologies by 12.9% during the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after purchasing an additional 2,606,267 shares during the period. Manning & Napier Advisors LLC acquired a new stake in L3Harris Technologies during the second quarter worth about $210,886,000. Envestnet Asset Management Inc. raised its position in L3Harris Technologies by 236.8% during the second quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock valued at $222,186,000 after acquiring an additional 695,582 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in L3Harris Technologies by 19.7% in the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after acquiring an additional 523,315 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in L3Harris Technologies by 65.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock worth $97,532,000 after purchasing an additional 171,420 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LHX. Deutsche Bank Aktiengesellschaft decreased their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Susquehanna upped their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research report on Monday, July 29th. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research note on Thursday, October 10th. Truist Financial increased their price target on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $275.00 to $257.00 in a research report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $267.50.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the sale, the insider now owns 16,316 shares in the company, valued at $3,861,670.88. This trade represents a 15.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 8,964 shares of company stock valued at $2,179,119 over the last ninety days. Company insiders own 0.82% of the company’s stock.

L3Harris Technologies Stock Down 0.5 %

LHX stock opened at $247.00 on Friday. The company has a market cap of $46.85 billion, a price-to-earnings ratio of 39.02, a PEG ratio of 2.18 and a beta of 0.72. The firm has a 50-day moving average of $242.77 and a two-hundred day moving average of $231.81. L3Harris Technologies, Inc. has a 12 month low of $184.34 and a 12 month high of $265.74. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. The firm had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The firm’s revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the business posted $3.19 earnings per share. As a group, analysts forecast that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.88%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s payout ratio is currently 73.30%.

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.