Baird Financial Group Inc. Cuts Stock Position in L3Harris Technologies Inc $LHX

Key Points

• Baird Financial Group Inc. has reduced its stake in L3Harris Technologies Inc by 4.1%, selling 9,788 shares and now holding 228,573 shares valued at approximately $47.84 million.
• L3Harris reported quarterly earnings of $2.78 per share, exceeding estimates, and achieved a revenue of $5.43 billion, marking a 2.4% increase compared to the previous year.
• The company announced a quarterly dividend of $1.20 per share, with a dividend yield of 1.7%, to be paid out on September 22nd.

Baird Financial Group Inc. reduced its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 4.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 228,573 shares of the company's stock after selling 9,788 shares during the quarter. Baird Financial Group Inc. owned about 0.12% of L3Harris Technologies worth $47,843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in LHX. Vident Advisory LLC grew its holdings in shares of L3Harris Technologies by 179.7% in the first quarter. Vident Advisory LLC now owns 305,592 shares of the company's stock valued at $63,963,000 after purchasing an additional 196,329 shares in the last quarter. Evergreen Capital Management LLC grew its holdings in shares of L3Harris Technologies by 36.2% in the first quarter. Evergreen Capital Management LLC now owns 1,842 shares of the company's stock valued at $386,000 after purchasing an additional 490 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of L3Harris Technologies by 6.8% in the first quarter. The Manufacturers Life Insurance Company now owns 485,308 shares of the company's stock valued at $101,580,000 after purchasing an additional 30,737 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of L3Harris Technologies by 42.0% in the first quarter. Canada Pension Plan Investment Board now owns 245,776 shares of the company's stock valued at $51,443,000 after purchasing an additional 72,637 shares in the last quarter. Finally, WPG Advisers LLC purchased a new position in shares of L3Harris Technologies in the first quarter valued at $39,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Down 0.9%

Shares of LHX stock traded down $2.38 on Wednesday, hitting $272.74. The stock had a trading volume of 1,106,634 shares, compared to its average volume of 1,057,554. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average price of $267.41 and a 200 day moving average price of $237.44. The company has a market cap of $51.03 billion, a PE ratio of 23.14, a P/E/G ratio of 2.03 and a beta of 0.76. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.30. The firm had revenue of $5.43 billion during 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%.The firm's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the previous 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 anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors 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 is Friday, September 5th. L3Harris Technologies's payout ratio is presently 53.63%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LHX. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Royal Bank Of Canada raised their price target on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Truist Financial raised their price target on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Susquehanna raised their price target on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $279.47.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 40,138 shares of L3Harris Technologies stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $269.52, for a total value of $10,817,993.76. Following the completion of the sale, the chief executive officer directly owned 145,578 shares in the company, valued at $39,236,182.56. The trade was a 21.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold 145,199 shares of company stock valued at $38,555,071 in the last ninety days. 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.