L3Harris Technologies Inc $LHX Shares Sold by Belpointe Asset Management LLC

Key Points

• Belpointe Asset Management LLC reduced its stake in L3Harris Technologies by 65.4%, selling 4,590 shares, and now holds 2,427 shares valued at $508,000.
• L3Harris Technologies beat analysts' earnings expectations for the latest quarter, reporting $2.78 EPS on revenue of $5.43 billion, which exceeded the consensus estimate of $5.31 billion.
• The company recently declared a quarterly dividend of $1.20 per share, with a dividend yield of 1.7% and an annualized payout of $4.80.

Belpointe Asset Management LLC lowered its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 65.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,427 shares of the company's stock after selling 4,590 shares during the quarter. Belpointe Asset Management LLC's holdings in L3Harris Technologies were worth $508,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of LHX. Nuveen LLC acquired a new position in shares of L3Harris Technologies during the 1st quarter valued at about $299,157,000. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of L3Harris Technologies by 946.6% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company's stock valued at $164,297,000 after acquiring an additional 709,948 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of L3Harris Technologies by 12.2% during the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock valued at $1,074,208,000 after acquiring an additional 557,610 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of L3Harris Technologies by 18,295.3% during the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after acquiring an additional 510,438 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after acquiring an additional 311,886 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Up 0.9%

Shares of L3Harris Technologies stock traded up $2.56 on Monday, hitting $281.76. 783,399 shares of the company's stock traded hands, compared to its average volume of 971,640. The stock has a market cap of $52.72 billion, a P/E ratio of 31.48, a PEG ratio of 2.04 and a beta of 0.76. 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 firm's 50-day moving average is $271.59 and its 200 day moving average is $242.44. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $282.22.

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

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Citigroup boosted their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. UBS Group boosted their target price on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Truist Financial boosted their target price on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the company's 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 sale, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $40,747,282.20. This represents a 36.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 195,138 shares of company stock worth $53,571,774. Corporate insiders own 0.72% of the company's stock.

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.