Adage Capital Partners GP L.L.C. Buys 117,017 Shares of L3Harris Technologies Inc $LHX

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in L3Harris Technologies by 134.6%, acquiring an additional 117,017 shares in the first quarter, totaling approximately $42.7 million.
• CEO Christopher E. Kubasik sold 72,000 shares of L3Harris stock, decreasing his ownership by 33.09% after the transaction.
• Multiple analysts have raised their price targets for L3Harris Technologies, with estimates ranging from $280 to $323, and the stock currently has a consensus rating of "Moderate Buy".

Adage Capital Partners GP L.L.C. raised its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 134.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 203,923 shares of the company's stock after acquiring an additional 117,017 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.11% of L3Harris Technologies worth $42,683,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Clearstead Trust LLC acquired a new stake in shares of L3Harris Technologies during the first quarter worth $26,000. Beacon Capital Management LLC grew its position in L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Park Square Financial Group LLC bought a new stake in shares of L3Harris Technologies during the fourth quarter worth about $37,000. Cornerstone Planning Group LLC grew its holdings in shares of L3Harris Technologies by 323.3% during the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after purchasing an additional 139 shares during the last quarter. Finally, WPG Advisers LLC acquired a new position in shares of L3Harris Technologies in the first quarter worth approximately $39,000. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Up 0.4%

Shares of NYSE LHX traded up $1.12 during mid-day trading on Monday, hitting $273.51. 1,193,182 shares of the stock traded hands, compared to its average volume of 1,405,540. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The stock has a fifty day moving average price of $268.92 and a 200-day moving average price of $239.33. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.52. The company has a market cap of $51.17 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 1.99 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 for the quarter, topping the consensus estimate of $2.48 by $0.30. The firm had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The company's revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

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

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the company's 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 owned 145,578 shares of the company's stock, valued at $39,472,018.92. This represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 145,199 shares of company stock valued at $38,555,071 over the last three months. Corporate insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on LHX shares. Citigroup upped their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. UBS Group increased their price target on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Barclays increased their price target on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Susquehanna raised their target price on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $279.47.

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.