MetLife Investment Management LLC Trims Stock Position in L3Harris Technologies, Inc. (NYSE:LHX)

MetLife Investment Management LLC trimmed its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 2.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,321 shares of the company’s stock after selling 1,266 shares during the period. MetLife Investment Management LLC’s holdings in L3Harris Technologies were worth $11,732,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Meeder Asset Management Inc. boosted its holdings in shares of L3Harris Technologies by 260.6% in the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after acquiring an additional 86 shares during the period. Archer Investment Corp boosted its stake 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 purchasing an additional 43 shares during the period. Kennebec Savings Bank purchased a new position in L3Harris Technologies during the 3rd quarter worth $36,000. Versant Capital Management Inc increased its stake in L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares during the period. Finally, Family Firm Inc. acquired a new stake in shares of L3Harris Technologies during the second quarter worth about $45,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

LHX has been the topic of a number of recent research reports. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a report on Tuesday. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $275.00 to $257.00 in a report on Friday, August 9th. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Finally, Citigroup upped their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $269.67.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This represents a 18.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 8,964 shares of company stock worth $2,179,119 in the last quarter. 0.82% of the stock is owned by corporate insiders.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $245.33 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies, Inc. has a 12 month low of $187.68 and a 12 month high of $265.74. The company has a market cap of $46.53 billion, a price-to-earnings ratio of 38.76, a price-to-earnings-growth ratio of 2.01 and a beta of 0.72. The stock’s 50-day moving average is $245.96 and its 200-day moving average is $233.88.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the previous year, the business posted $3.19 EPS. The business’s quarterly revenue was up 7.7% on a year-over-year basis. Equities analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.89%. L3Harris Technologies’s payout ratio is currently 73.30%.

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.