Arrowstreet Capital Limited Partnership Raises Holdings in L3Harris Technologies Inc $LHX

Key Points

• Arrowstreet Capital increased its L3Harris Technologies stake by 3.6% in the fourth quarter, bringing its holdings to 688,772 shares valued at about $202.2 million.
• L3Harris reported strong quarterly results, with earnings of $2.72 per share and revenue of $5.74 billion, both ahead of estimates; revenue rose 11.9% year over year.
• The company also declared a quarterly dividend of $1.25 per share, and analysts currently rate the stock a Moderate Buy with an average price target of $354.75.

Arrowstreet Capital Limited Partnership lifted its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 688,772 shares of the company's stock after buying an additional 24,243 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.37% of L3Harris Technologies worth $202,203,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Victory Capital Management Inc. boosted its position in L3Harris Technologies by 1,053.9% during the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company's stock worth $360,964,000 after purchasing an additional 1,079,474 shares in the last quarter. Artisan Partners Limited Partnership acquired a new stake in L3Harris Technologies during the third quarter worth $211,703,000. Two Sigma Investments LP increased its stake in L3Harris Technologies by 560.7% during the third quarter. Two Sigma Investments LP now owns 614,287 shares of the company's stock worth $187,609,000 after acquiring an additional 521,312 shares during the last quarter. Boston Partners increased its stake in L3Harris Technologies by 27.6% during the fourth quarter. Boston Partners now owns 2,401,871 shares of the company's stock worth $709,396,000 after acquiring an additional 519,226 shares during the last quarter. Finally, M&T Bank Corp increased its stake in L3Harris Technologies by 3,127.8% during the fourth quarter. M&T Bank Corp now owns 408,740 shares of the company's stock worth $119,994,000 after acquiring an additional 396,077 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, VP Melanie Rakita sold 2,180 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $310.45, for a total transaction of $676,781.00. Following the transaction, the vice president owned 4,192 shares in the company, valued at approximately $1,301,406.40. The trade was a 34.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.68% of the company's stock.

L3Harris Technologies Stock Down 0.1%

L3Harris Technologies stock opened at $307.60 on Monday. L3Harris Technologies Inc has a fifty-two week low of $243.84 and a fifty-two week high of $379.23. 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 $57.30 billion, a P/E ratio of 33.40, a PEG ratio of 1.56 and a beta of 0.50. The stock has a 50-day simple moving average of $322.93 and a 200-day simple moving average of $327.50.

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

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be given a dividend of $1.25 per share. The ex-dividend date is Friday, June 5th. This represents a $5.00 annualized dividend and a yield of 1.6%. L3Harris Technologies's payout ratio is presently 54.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Argus raised L3Harris Technologies to a "strong-buy" rating in a research note on Friday, February 27th. Weiss Ratings upgraded L3Harris Technologies from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 13th. UBS Group decreased their target price on L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating on the stock in a research note on Friday, May 1st. Truist Financial upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, May 1st. Finally, Sanford C. Bernstein lowered their target price on L3Harris Technologies to $405.00 and set an "outperform" rating for the company in a report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $354.75.

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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