Allstate Corp Buys 7,219 Shares of L3Harris Technologies Inc $LHX

Key Points

• Allstate Corp more than doubled its position in L3Harris Technologies in the fourth quarter, buying 7,219 additional shares to bring its total stake to 13,985 shares valued at about $4.1 million.
• Other institutional investors also increased exposure to LHX, and institutions now own 84.76% of the company’s stock, highlighting broad professional interest in the defense contractor.
• L3Harris reported better-than-expected quarterly results, with EPS of $2.72 versus $2.53 expected and revenue up 11.9% year over year, while analysts’ average rating remains Moderate Buy with a $354.75 price target.

Allstate Corp raised its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 106.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 13,985 shares of the company's stock after purchasing an additional 7,219 shares during the period. Allstate Corp's holdings in L3Harris Technologies were worth $4,106,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of LHX. MSH Capital Advisors LLC purchased a new position in L3Harris Technologies during the fourth quarter valued at $266,000. Annis Gardner Whiting Capital Advisors LLC raised its holdings in shares of L3Harris Technologies by 345.3% in the 4th quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,407 shares of the company's stock valued at $413,000 after purchasing an additional 1,091 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of L3Harris Technologies by 156.1% in the 4th quarter. Fisher Asset Management LLC now owns 7,071 shares of the company's stock valued at $2,076,000 after purchasing an additional 4,310 shares in the last quarter. 44 Wealth Management LLC raised its holdings in shares of L3Harris Technologies by 1.3% in the 4th quarter. 44 Wealth Management LLC now owns 4,399 shares of the company's stock valued at $1,291,000 after purchasing an additional 56 shares in the last quarter. Finally, CYBER HORNET ETFs LLC raised its holdings in shares of L3Harris Technologies by 5.8% in the 4th quarter. CYBER HORNET ETFs LLC now owns 547 shares of the company's stock valued at $161,000 after purchasing an additional 30 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

Insider Transactions at L3Harris Technologies

In other news, VP Melanie Rakita sold 2,180 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $310.45, for a total value of $676,781.00. Following the transaction, the vice president directly owned 4,192 shares of the company's stock, valued at approximately $1,301,406.40. This trade represents a 34.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jon Rambeau sold 5,528 shares of the firm'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 in the company, valued at approximately $2,836,651.20. This represents a 41.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 13,987 shares of company stock valued at $5,049,149. Corporate insiders own 0.68% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on LHX shares. Argus upgraded shares of L3Harris Technologies to a "strong-buy" rating in a report on Friday, February 27th. Morgan Stanley boosted their price objective on shares of L3Harris Technologies from $367.00 to $390.00 and gave the stock an "overweight" rating in a research note on Monday, February 2nd. Royal Bank Of Canada boosted their price objective on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a "sector perform" rating in a research note on Friday, January 30th. Weiss Ratings upgraded shares of L3Harris Technologies from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 13th. Finally, Sanford C. Bernstein cut their price target on shares of L3Harris Technologies to $405.00 and set an "outperform" rating on the stock in a research note on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $354.75.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $309.25 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.89 and a current ratio of 1.03. The company has a market capitalization of $57.61 billion, a PE ratio of 33.58, a price-to-earnings-growth ratio of 1.58 and a beta of 0.51. L3Harris Technologies Inc has a 1 year low of $237.56 and a 1 year high of $379.23. The company's fifty day moving average price is $333.57 and its 200 day moving average price is $325.82.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.19. The business had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.42 billion. L3Harris Technologies had a net margin of 7.71% and a return on equity of 10.65%. The company's revenue was up 11.9% compared to the same quarter last year. During the same period last year, the firm posted $2.41 earnings per share. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. On average, research analysts predict that L3Harris Technologies Inc will post 11.52 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, June 5th. L3Harris Technologies's dividend payout ratio (DPR) is currently 54.29%.

L3Harris Technologies Company 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.

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