Bank of New York Mellon Corp Has $1.21 Billion Holdings in L3Harris Technologies Inc $LHX

Bank of New York Mellon Corp decreased its position in L3Harris Technologies Inc (NYSE:LHX) by 3.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,965,728 shares of the company’s stock after selling 151,302 shares during the period. Bank of New York Mellon Corp’s holdings in L3Harris Technologies were worth $1,211,173,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Kiker Wealth Management LLC boosted its stake in L3Harris Technologies by 137.0% in the 2nd quarter. Kiker Wealth Management LLC now owns 109 shares of the company’s stock valued at $27,000 after purchasing an additional 63 shares during the period. Harbor Asset Planning Inc. acquired a new stake in shares of L3Harris Technologies during the second quarter worth $32,000. Independence Bank of Kentucky boosted its position in shares of L3Harris Technologies by 44.4% in the second quarter. Independence Bank of Kentucky now owns 130 shares of the company’s stock valued at $33,000 after acquiring an additional 40 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new position in shares of L3Harris Technologies in the second quarter valued at about $34,000. Finally, Salomon & Ludwin LLC bought a new position in L3Harris Technologies during the third quarter worth about $34,000. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

NYSE LHX opened at $360.78 on Wednesday. The company has a market capitalization of $67.48 billion, a price-to-earnings ratio of 38.75, a PEG ratio of 2.21 and a beta of 0.66. The company has a quick ratio of 0.95, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $362.42. The stock has a fifty day simple moving average of $303.89 and a 200 day simple moving average of $289.85.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, October 30th. The company reported $2.70 EPS for the quarter, beating analysts’ consensus estimates of $2.60 by $0.10. L3Harris Technologies had a return on equity of 11.08% and a net margin of 8.09%.The firm had revenue of $5.66 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the previous year, the company posted $3.34 EPS. The business’s revenue was up 6.9% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.500-10.700 EPS. Sell-side analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio (DPR) is 51.56%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Vertical Research restated a “buy” rating and set a $355.00 target price on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Morgan Stanley boosted their price target on L3Harris Technologies from $250.00 to $350.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. TD Cowen restated a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Finally, Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Fourteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $315.73.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 14,171 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $301.05, for a total value of $4,266,179.55. Following the sale, the chief executive officer directly owned 144,426 shares of the company’s stock, valued at approximately $43,479,447.30. This represents a 8.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.72% of the company’s stock.

About L3Harris Technologies

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.