AQR Capital Management LLC Grows Position in L3Harris Technologies Inc $LHX

Key Points

• AQR Capital Management increased its stake in L3Harris Technologies by 19.2%, owning approximately 0.13% of the company valued at $50.93 million after buying additional shares.
• Analysts have boosted their price targets for L3Harris Technologies, with estimates ranging from $280.00 to $323.00, indicating confidence in the company’s growth potential as seen in reports from UBS and Citigroup.
• L3Harris Technologies declared a quarterly dividend of $1.20 per share, resulting in an annualized yield of 1.8%, with a dividend payout ratio of 53.63%.

AQR Capital Management LLC grew its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 19.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 243,346 shares of the company's stock after purchasing an additional 39,170 shares during the quarter. AQR Capital Management LLC owned approximately 0.13% of L3Harris Technologies worth $50,935,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in L3Harris Technologies during the first quarter worth about $26,000. Beacon Capital Management LLC grew its position in shares of L3Harris Technologies by 79.5% during the 1st 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. Park Square Financial Group LLC purchased a new stake in shares of L3Harris Technologies during the 4th quarter worth approximately $37,000. Cornerstone Planning Group LLC increased its stake in shares of L3Harris Technologies by 323.3% during the 1st 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 bought a new stake in shares of L3Harris Technologies in the 1st quarter worth approximately $39,000. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Stock Down 0.5%

Shares of LHX stock traded down $1.41 during mid-day trading on Friday, reaching $279.22. 800,756 shares of the company's stock traded hands, compared to its average volume of 990,507. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $281.67. The company's 50-day moving average price is $271.08 and its 200-day moving average price is $241.38. The company has a market cap of $52.24 billion, a P/E ratio of 31.20, a P/E/G ratio of 2.05 and a beta of 0.76. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating 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%. The business's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, equities analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders 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 dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio is 53.63%.

Analysts Set New Price Targets

Several brokerages have weighed in on LHX. Barclays increased their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Citigroup lifted their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Royal Bank Of Canada boosted their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research note on Friday, July 25th. Finally, Robert W. Baird raised their price target on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. 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 has an average rating of "Moderate Buy" and a consensus target price of $279.47.

Insiders Place Their Bets

In other news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares in the company, valued at approximately $40,747,282.20. The trade was a 36.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 195,138 shares of company stock valued at $53,571,774 in the last quarter. Insiders own 0.72% of the company's stock.

L3Harris Technologies Company 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.