Allstate Corp Increases Stake in L3Harris Technologies Inc $LHX

Key Points

• Allstate Corp increased its stake in L3Harris Technologies Inc by 85.5%, acquiring a total of 10,313 shares valued at approximately $2.16 million.
• Research analysts have upgraded L3Harris Technologies' stock rating, with the consensus price target rising to $279.47 amidst robust performance in earnings and revenue.
• The company declared a quarterly dividend of $1.20 per share, resulting in an annualized yield of 1.7%, reflecting a payout ratio of 53.63%.

Allstate Corp raised its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 85.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,313 shares of the company's stock after purchasing an additional 4,752 shares during the period. Allstate Corp's holdings in L3Harris Technologies were worth $2,159,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC raised its holdings in shares of L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after buying an additional 3,001 shares during the period. TD Waterhouse Canada Inc. raised its stake in shares of L3Harris Technologies by 99.4% during the fourth quarter. TD Waterhouse Canada Inc. now owns 327 shares of the company's stock valued at $69,000 after purchasing an additional 163 shares during the period. Hsbc Holdings PLC lifted its position in shares of L3Harris Technologies by 11.3% during the fourth quarter. Hsbc Holdings PLC now owns 349,495 shares of the company's stock worth $73,382,000 after purchasing an additional 35,571 shares in the last quarter. Hancock Whitney Corp boosted its stake in shares of L3Harris Technologies by 1.8% in the fourth quarter. Hancock Whitney Corp now owns 5,343 shares of the company's stock valued at $1,124,000 after purchasing an additional 93 shares during the period. Finally, Nebula Research & Development LLC acquired a new stake in L3Harris Technologies during the 4th quarter valued at $1,773,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday. Truist Financial upped their target price on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Robert W. Baird upped their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, Barclays increased their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $275.3280 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52. The company has a fifty day moving average price of $263.52 and a two-hundred day moving average price of $233.71. The company has a market cap of $51.51 billion, a PE ratio of 30.76, a P/E/G ratio of 2.02 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. L3Harris Technologies's revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 1.7%. L3Harris Technologies's dividend payout ratio is presently 53.63%.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total transaction 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 trade represents a 33.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider 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 disclosure for this sale can be found here. Insiders have sold 147,199 shares of company stock worth $39,045,071 over the last three months. Corporate insiders own 0.72% of the company's stock.

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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