944 Shares in L3Harris Technologies Inc $LHX Bought by Welch Group LLC

Key Points

• Welch Group LLC acquired 944 shares of L3Harris Technologies Inc valued at approximately $237,000 in the second quarter, increasing the company's institutional ownership to 84.76%.
• L3Harris reported a quarterly earnings per share (EPS) of $2.78, exceeding estimates of $2.48, with revenue of $5.43 billion for the quarter.
• The company declared a quarterly dividend of $1.20 per share, with an annualized yield of 1.6%, to be paid on December 5th to shareholders of record by November 17th.

Welch Group LLC acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 944 shares of the company's stock, valued at approximately $237,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Cypress Capital Group increased its stake in L3Harris Technologies by 6.4% in the 2nd quarter. Cypress Capital Group now owns 10,079 shares of the company's stock worth $2,528,000 after acquiring an additional 604 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. increased its stake in L3Harris Technologies by 3.7% in the 2nd quarter. Leith Wheeler Investment Counsel Ltd. now owns 183,135 shares of the company's stock worth $45,938,000 after acquiring an additional 6,557 shares during the last quarter. LRI Investments LLC increased its stake in L3Harris Technologies by 3.7% in the 2nd quarter. LRI Investments LLC now owns 18,318 shares of the company's stock worth $4,595,000 after acquiring an additional 652 shares during the last quarter. Prostatis Group LLC bought a new position in L3Harris Technologies in the 2nd quarter worth about $232,000. Finally, Second Half Financial Partners LLC bought a new position in L3Harris Technologies in the 2nd quarter worth about $755,000. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock opened at $293.44 on Tuesday. The business's 50-day moving average price is $282.05 and its 200-day moving average price is $253.82. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $308.12. The firm has a market capitalization of $54.90 billion, a PE ratio of 32.79, a price-to-earnings-growth ratio of 2.14 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $5.31 billion. During the same period last year, the company earned $3.24 EPS. L3Harris Technologies's revenue for the quarter was up 2.4% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Sell-side analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Monday, November 17th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.6%. L3Harris Technologies's payout ratio is 53.63%.

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at $40,747,282.20. This trade represents a 36.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 195,138 shares of company stock worth $53,571,774. 0.72% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on LHX shares. Barclays upped their target price on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Citigroup upped their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. UBS Group upped their target price on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Weiss Ratings reiterated a "buy (b-)" rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $278.19.

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.

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