M&T Bank Corp Has $119.99 Million Holdings in L3Harris Technologies Inc $LHX

M&T Bank Corp increased its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 3,127.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 408,740 shares of the company’s stock after purchasing an additional 396,077 shares during the period. M&T Bank Corp’s holdings in L3Harris Technologies were worth $119,994,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Caitlin John LLC acquired a new stake in shares of L3Harris Technologies during the third quarter worth $28,000. JPL Wealth Management LLC acquired a new stake in shares of L3Harris Technologies during the third quarter worth $29,000. American National Bank & Trust grew its stake in shares of L3Harris Technologies by 44.8% during the fourth quarter. American National Bank & Trust now owns 97 shares of the company’s stock worth $28,000 after purchasing an additional 30 shares during the period. Triumph Capital Management acquired a new stake in shares of L3Harris Technologies during the third quarter worth $31,000. Finally, GGM Financials LLC acquired a new stake in shares of L3Harris Technologies during the third quarter worth $32,000. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Stock Down 2.3%

NYSE:LHX opened at $340.52 on Wednesday. L3Harris Technologies Inc has a 1 year low of $208.11 and a 1 year high of $379.23. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The stock has a market cap of $63.61 billion, a price-to-earnings ratio of 39.92, a PEG ratio of 1.76 and a beta of 0.62. The stock has a 50-day moving average price of $355.40 and a two-hundred day moving average price of $322.51.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.76 billion. During the same period in the previous year, the firm earned $3.47 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. As a group, equities analysts expect that L3Harris Technologies Inc will post 11.5 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a dividend of $1.25 per share. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, March 6th. L3Harris Technologies’s payout ratio is currently 58.62%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. TD Cowen reaffirmed a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. UBS Group lifted their price objective on L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Wolfe Research reissued an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, January 30th. Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Finally, Wall Street Zen raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, April 11th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $349.55.

Insider Transactions at L3Harris Technologies

In other news, insider Jon Rambeau sold 5,528 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the transaction, the insider directly owned 7,660 shares of the company’s stock, valued at $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Melanie Rakita sold 2,378 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $341.45, for a total value of $811,968.10. Following the transaction, the vice president directly owned 4,882 shares of the company’s stock, valued at $1,666,958.90. This represents a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 19,025 shares of company stock valued at $6,824,370 over the last three months. Company insiders own 0.68% of the company’s stock.

L3Harris Technologies Profile

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.