Balboa Wealth Partners Makes New Investment in L3Harris Technologies Inc $LHX

Key Points

• Balboa Wealth Partners acquired a new position in L3Harris Technologies, buying 884 shares valued at approximately $222,000 in the second quarter.
• Brokerages have recently adjusted their price targets for L3Harris, with Morgan Stanley raising its target from $250 to $350 and UBS increasing theirs from $262 to $280.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, set to be paid on December 5th, which represents an annualized dividend yield of 1.6%.

Balboa Wealth Partners acquired a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 884 shares of the company's stock, valued at approximately $222,000.

Several other hedge funds also recently made changes to their positions in LHX. Clearstead Trust LLC bought a new position in shares of L3Harris Technologies during the first quarter worth approximately $26,000. Nova Wealth Management Inc. bought a new position in L3Harris Technologies in the first quarter valued at approximately $26,000. Kiker Wealth Management LLC boosted its position in L3Harris Technologies by 137.0% in the second quarter. Kiker Wealth Management LLC now owns 109 shares of the company's stock valued at $27,000 after buying an additional 63 shares in the last quarter. Harbor Asset Planning Inc. acquired a new stake in L3Harris Technologies in the second quarter valued at approximately $32,000. Finally, Independence Bank of Kentucky boosted its position in L3Harris Technologies by 44.4% in the second quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock valued at $33,000 after buying an additional 40 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on LHX. UBS Group lifted their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Morgan Stanley boosted their target price on shares of L3Harris Technologies from $250.00 to $350.00 and gave the company an "equal weight" rating in a report on Wednesday, October 15th. Barclays boosted their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $287.63.

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 83,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were 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 directly owned 145,578 shares of the company's stock, valued at $40,747,282.20. This represents a 36.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders have sold 195,138 shares of company stock worth $53,571,774. 0.72% of the stock is owned by corporate insiders.

L3Harris Technologies Trading Up 0.6%

Shares of LHX stock opened at $292.39 on Wednesday. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $308.12. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The company has a 50-day simple moving average of $284.08 and a two-hundred day simple moving average of $256.91. The company has a market capitalization of $54.71 billion, a price-to-earnings ratio of 32.67, a PEG ratio of 2.12 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data 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. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the prior year, the firm posted $3.24 EPS. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. 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 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 17th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, November 17th. L3Harris Technologies's dividend payout ratio is currently 53.63%.

L3Harris Technologies 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.

Want to see what other hedge funds are holding LHX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L3Harris Technologies Inc (NYSE:LHX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.