BNP Paribas Financial Markets Acquires 171,625 Shares of L3Harris Technologies Inc $LHX

Key Points

• BNP Paribas Financial Markets increased its stake in L3Harris Technologies by 68.1%, acquiring an additional 171,625 shares, bringing its total ownership to approximately 423,724 shares valued at $88.69 million.
• Several large investors have modified their holdings in L3Harris, with institutional ownership now at 84.76% of the company's stock, indicating strong institutional interest in the company.
• L3Harris Technologies recently reported $2.78 earnings per share for the last quarter, surpassing analyst expectations and setting a FY 2025 EPS guidance of 10.400-10.600.

BNP Paribas Financial Markets raised its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 68.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 423,724 shares of the company's stock after buying an additional 171,625 shares during the quarter. BNP Paribas Financial Markets owned 0.23% of L3Harris Technologies worth $88,690,000 as of its most recent filing with the Securities and Exchange Commission.

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

L3Harris Technologies Stock Down 1.0%

Shares of NYSE:LHX traded down $2.83 during mid-day trading on Wednesday, reaching $272.29. 519,397 shares of the stock were exchanged, compared to its average volume of 1,409,146. The stock's 50 day simple moving average is $267.41 and its 200-day simple moving average is $237.44. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The company has a market cap of $50.94 billion, a P/E ratio of 30.42, a P/E/G ratio of 2.03 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The firm had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.31 billion. During the same period in the previous year, the firm posted $3.24 EPS. The company'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. As a group, equities research analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio (DPR) is currently 53.63%.

Analysts Set New Price Targets

LHX has been the subject of several research analyst reports. UBS Group boosted their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. 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. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Finally, 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. Thirteen equities 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $279.47.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at $39,472,018.92. This trade represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 145,199 shares of company stock valued at $38,555,071 in the last ninety days. 0.72% of the stock is owned by company insiders.

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.