Allstate Corp Has $4.16 Million Stock Holdings in L3Harris Technologies Inc $LHX

Key Points

• Allstate reduced its L3Harris Technologies stake by 23.5% in the second quarter, selling 4,394 shares and retaining 14,328 shares valued at approximately $4.16 million.
• Institutional investors and hedge funds own 84.76% of L3Harris stock. Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $365, despite several recent target reductions.
• L3Harris reported quarterly EPS of $3.13, exceeding estimates of $2.80, while revenue rose 8.4% year over year to $5.88 billion. The company also declared a quarterly dividend of $1.25 per share, equivalent to a 1.9% annual yield.

Allstate Corp reduced its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 23.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,328 shares of the company's stock after selling 4,394 shares during the period. Allstate Corp's holdings in L3Harris Technologies were worth $4,164,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in LHX. Cedar Mountain Advisors LLC lifted its holdings in L3Harris Technologies by 1,233.3% during the 1st quarter. Cedar Mountain Advisors LLC now owns 80 shares of the company's stock worth $28,000 after buying an additional 74 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in shares of L3Harris Technologies in the 4th quarter valued at about $25,000. Tower View Wealth Management LLC acquired a new stake in shares of L3Harris Technologies in the first quarter valued at about $29,000. Fideuram Asset Management Ireland dac bought a new position in shares of L3Harris Technologies during the fourth quarter worth about $25,000. Finally, Motiv8 Investments LLC bought a new position in shares of L3Harris Technologies during the fourth quarter worth about $25,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

LHX has been the topic of several analyst reports. Weiss Ratings cut L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 23rd. Susquehanna lowered their price target on shares of L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating for the company in a report on Friday, July 31st. Truist Financial upgraded shares of L3Harris Technologies to a "strong-buy" rating in a research report on Friday, May 1st. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating on shares of L3Harris Technologies in a research note on Tuesday, August 18th. Finally, UBS Group lowered their target price on shares of L3Harris Technologies from $312.00 to $298.00 and set a "neutral" rating for the company in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $365.00.

L3Harris Technologies Trading Up 0.1%

NYSE LHX opened at $267.03 on Monday. The stock has a market capitalization of $49.72 billion, a P/E ratio of 26.97, a P/E/G ratio of 1.16 and a beta of 0.51. The business has a 50 day simple moving average of $289.65 and a 200 day simple moving average of $320.54. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.18 and a quick ratio of 1.03. L3Harris Technologies Inc has a one year low of $262.68 and a one year high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.80 by $0.33. The firm had revenue of $5.88 billion for the quarter, compared to analyst estimates of $5.81 billion. L3Harris Technologies had a return on equity of 10.96% and a net margin of 8.17%.The company's revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.78 earnings per share. L3Harris Technologies has set its FY 2026 guidance at 11.800-12.000 EPS. Research analysts expect that L3Harris Technologies Inc will post 11.88 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, September 4th. L3Harris Technologies's dividend payout ratio (DPR) is presently 50.51%.

About L3Harris Technologies

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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