Assenagon Asset Management S.A. Invests $1.32 Million in L3Harris Technologies Inc $LHX

Key Points

• Assenagon Asset Management S.A. has invested approximately $1.32 million in L3Harris Technologies Inc, acquiring 5,249 shares in the company's stock.
• CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies, decreasing his ownership by 36.31%, while the company has seen total insider sales worth over $53 million in the last quarter.
• Analysts have raised their target prices for L3Harris Technologies, with a consensus rating of "Moderate Buy" and an average target of around $279.47 per share.

Assenagon Asset Management S.A. purchased a new position in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,249 shares of the company's stock, valued at approximately $1,317,000.

Other large investors have also recently made changes to their positions in the company. Clearstead Trust LLC bought a new position in shares of L3Harris Technologies in the 1st quarter worth $26,000. Nova Wealth Management Inc. acquired a new position in L3Harris Technologies during the 1st quarter valued at about $26,000. Beacon Capital Management LLC increased its position in 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 buying an additional 58 shares in the last quarter. Park Square Financial Group LLC acquired a new position in L3Harris Technologies during the 4th quarter valued at about $37,000. Finally, Cornerstone Planning Group LLC increased its position in L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after buying an additional 139 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at $40,747,282.20. This represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 195,138 shares of company stock worth $53,571,774 in the last quarter. Corporate insiders own 0.72% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. 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. Robert W. Baird upped their target price on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Royal Bank Of Canada upped their target price on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Citigroup increased their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, UBS Group increased their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $279.47.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $293.83 on Friday. The company has a market capitalization of $54.98 billion, a P/E ratio of 32.83, a P/E/G ratio of 2.11 and a beta of 0.76. The business's 50 day moving average is $275.90 and its two-hundred day moving average is $246.54. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $293.94.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly 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 company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.L3Harris Technologies's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were given a dividend of $1.20 per share. The ex-dividend date was Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.6%. L3Harris Technologies's dividend payout ratio is currently 53.63%.

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.

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