AIA Group Ltd Takes Position in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• AIA Group Ltd has acquired a new stake in L3Harris Technologies Inc, purchasing 2,415 shares valued at approximately $505,000 during the first quarter.
• Several institutional investors, including Nuveen LLC and JPMorgan Chase & Co., have significantly increased their positions in L3Harris Technologies, with total institutional ownership reaching 84.76%.
• L3Harris Technologies reported a quarterly EPS of $2.78, exceeding consensus estimates, and announced a quarterly dividend of $1.20 per share, reflecting a 1.8% yield.

AIA Group Ltd acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,415 shares of the company's stock, valued at approximately $505,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Clearstead Trust LLC bought a new stake in L3Harris Technologies in the first quarter valued at $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 period. Kayne Anderson Rudnick Investment Management LLC grew its position in L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after acquiring an additional 111 shares during the period. Park Square Financial Group LLC bought a new stake in L3Harris Technologies in the fourth quarter valued at $37,000. Finally, Cornerstone Planning Group LLC grew its position in L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after acquiring an additional 139 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on LHX shares. Susquehanna upped their price target on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Wall Street Zen cut L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Citigroup increased their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. UBS Group increased their target price on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Stock Down 0.1%

LHX stock traded down $0.33 during mid-day trading on Friday, reaching $270.72. The company had a trading volume of 1,177,990 shares, compared to its average volume of 1,439,251. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The stock has a 50 day simple moving average of $260.99 and a two-hundred day simple moving average of $231.57. The company has a market capitalization of $50.65 billion, a price-to-earnings ratio of 30.25, a PEG ratio of 1.98 and a beta of 0.77. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $2.78 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 company had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the company posted $3.24 EPS. The firm's revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, equities analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

Insider Activity at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider directly owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Christopher E. Kubasik sold 40,138 shares of L3Harris Technologies stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $269.52, for a total value of $10,817,993.76. Following the sale, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $39,236,182.56. The trade was a 21.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,199 shares of company stock valued at $39,045,071. 0.72% of the stock is currently owned by 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.