Atalanta Sosnoff Capital LLC Invests $7.84 Million in L3Harris Technologies Inc $LHX

Key Points

• Atalanta Sosnoff Capital LLC has invested approximately $7.84 million in L3Harris Technologies, acquiring over 37,000 shares of the company.
• Analysts have set a consensus target price of $279.47 for L3Harris Technologies, with 13 analysts recommending a Buy rating.
• L3Harris Technologies recently announced a quarterly dividend of $1.20 per share, representing a 1.7% dividend yield.

Atalanta Sosnoff Capital LLC acquired a new stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 37,454 shares of the company's stock, valued at approximately $7,839,000.

Other institutional investors also recently modified their holdings of the company. Amundi raised its holdings in L3Harris Technologies by 33.9% during the first quarter. Amundi now owns 104,530 shares of the company's stock worth $21,945,000 after buying an additional 26,453 shares during the last quarter. Appaloosa LP purchased a new stake in shares of L3Harris Technologies during the first quarter worth $62,793,000. Adage Capital Partners GP L.L.C. boosted its position in shares of L3Harris Technologies by 134.6% in the first quarter. Adage Capital Partners GP L.L.C. now owns 203,923 shares of the company's stock valued at $42,683,000 after acquiring an additional 117,017 shares during the period. Rench Wealth Management Inc. boosted its position in shares of L3Harris Technologies by 1.1% in the first quarter. Rench Wealth Management Inc. now owns 28,934 shares of the company's stock valued at $6,056,000 after acquiring an additional 303 shares during the period. Finally, First Financial Bankshares Inc increased its stake in L3Harris Technologies by 16,324.2% in the first quarter. First Financial Bankshares Inc now owns 161,614 shares of the company's stock valued at $33,827,000 after acquiring an additional 160,630 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Ratings Changes

LHX has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Barclays upped their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Robert W. Baird upped their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Susquehanna raised their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. Finally, UBS Group increased their price objective on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $279.47.

L3Harris Technologies Price Performance

Shares of LHX traded down $0.64 during trading hours on Friday, reaching $272.35. 1,071,523 shares of the stock traded hands, compared to its average volume of 1,034,866. 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 52-week low of $193.09 and a 52-week high of $280.52. The company's 50-day moving average price is $268.92 and its two-hundred day moving average price is $238.74. The company has a market cap of $50.96 billion, a P/E ratio of 30.43, a price-to-earnings-growth ratio of 2.00 and a beta of 0.76.

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

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's payout ratio is 53.63%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total value of $19,522,080.00. Following the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 145,199 shares of company stock valued at $38,555,071 over the last quarter. 0.72% of the stock is currently owned by insiders.

About L3Harris Technologies

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.