Blue Zone Wealth Advisors LLC Invests $215,000 in L3Harris Technologies Inc $LHX

Key Points

• Blue Zone Wealth Advisors LLC has invested $215,000 in L3Harris Technologies by purchasing 858 shares during the second quarter.
• L3Harris Technologies reported earnings of $2.78 per share for its last quarter, exceeding analysts' expectations of $2.48.
• The company announced a quarterly dividend of $1.20 per share, equating to an annualized dividend yield of 1.6% and a payout ratio of 53.63%.

Blue Zone Wealth Advisors LLC purchased a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 858 shares of the company's stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LHX. Price T Rowe Associates Inc. MD grew its stake in shares of L3Harris Technologies by 1.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,833,024 shares of the company's stock worth $2,058,151,000 after acquiring an additional 181,550 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of L3Harris Technologies by 12.2% in the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after acquiring an additional 557,610 shares during the last quarter. Invesco Ltd. grew its stake in shares of L3Harris Technologies by 5.0% in the first quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock worth $491,323,000 after acquiring an additional 112,271 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of L3Harris Technologies by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after acquiring an additional 311,886 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of L3Harris Technologies in the first quarter worth $299,157,000. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Down 1.9%

Shares of NYSE LHX opened at $292.45 on Friday. The stock has a market cap of $54.72 billion, a PE ratio of 32.68, a PEG ratio of 2.18 and a beta of 0.76. The business has a fifty day moving average of $281.74 and a two-hundred day moving average of $252.65. 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.

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, beating analysts' consensus estimates 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 last year, the business earned $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, equities research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Insider Activity

In related news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total value 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. The trade was a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 195,138 shares of company stock valued at $53,571,774 over the last three months. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

LHX has been the topic of several research analyst reports. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Susquehanna lifted their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Barclays lifted their price target on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Citigroup lifted their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Truist Financial lifted their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $278.19.

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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