Appaloosa LP Buys Shares of 300,000 L3Harris Technologies Inc $LHX

Key Points

• Appaloosa LP has acquired 300,000 shares of L3Harris Technologies Inc, valued at approximately $62.8 million, making it the firm's 20th largest holding.
• Several hedge funds, including Brighton Jones LLC and BNP Paribas Financial Markets, have significantly increased their stakes in L3Harris Technologies in recent quarters.
• Wall Street analysts are optimistic about L3Harris Technologies, with numerous upgrades raising price targets, and a consensus rating of "Moderate Buy" for the stock.

Appaloosa LP acquired a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 300,000 shares of the company's stock, valued at approximately $62,793,000. L3Harris Technologies comprises 0.7% of Appaloosa LP's investment portfolio, making the stock its 20th biggest holding. Appaloosa LP owned about 0.16% of L3Harris Technologies as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LHX. Brighton Jones LLC raised its holdings in L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after purchasing an additional 3,001 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in shares of L3Harris Technologies in the 4th quarter valued at approximately $53,011,000. Benjamin Edwards Inc. grew its position in shares of L3Harris Technologies by 20.9% in the 4th quarter. Benjamin Edwards Inc. now owns 13,514 shares of the company's stock valued at $2,842,000 after purchasing an additional 2,339 shares during the period. Castlekeep Investment Advisors LLC bought a new stake in L3Harris Technologies in the 4th quarter valued at approximately $2,167,000. Finally, Cary Street Partners Financial LLC bought a new stake in L3Harris Technologies in the 4th quarter valued at approximately $1,090,000. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Price Performance

Shares of LHX traded down $0.64 during trading hours on Friday, hitting $272.35. 1,071,523 shares of the company were exchanged, compared to its average volume of 1,034,866. The company has a market cap of $50.96 billion, a price-to-earnings ratio of 30.43, a P/E/G ratio of 2.00 and a beta of 0.76. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm's fifty day moving average is $268.92 and its 200 day moving average is $238.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the prior year, the company earned $3.24 EPS. L3Harris Technologies's revenue for the quarter was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, equities analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of analyst reports. Barclays upped their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Robert W. Baird upped their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, Susquehanna increased their price target on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $279.47.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $39,472,018.92. This trade represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 145,199 shares of company stock valued at $38,555,071 in the last ninety days. 0.72% of the stock is currently owned by company insiders.

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.