Callan Family Office LLC Decreases Stake in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Callan Family Office LLC reduced its stake in L3Harris Technologies by 46.2%, holding 2,719 shares valued at $569,000 after selling 2,335 shares in the first quarter.
• L3Harris Technologies reported earnings of $2.78 per share for the last quarter, exceeding estimates of $2.48, with revenue increasing 2.4% year-over-year to $5.43 billion.
• The company declared a quarterly dividend of $1.20 per share, representing an annualized yield of 1.8%, with a payout ratio of 53.63%.

Callan Family Office LLC trimmed its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 46.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,719 shares of the company's stock after selling 2,335 shares during the quarter. Callan Family Office LLC's holdings in L3Harris Technologies were worth $569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Invesco Ltd. grew its holdings in L3Harris Technologies by 5.0% during the first quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock valued at $491,323,000 after purchasing an additional 112,271 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in L3Harris Technologies by 15.5% during the first 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. Northern Trust Corp lifted its stake in L3Harris Technologies by 7.7% during the fourth quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock worth $342,975,000 after purchasing an additional 116,266 shares during the last quarter. Nuveen LLC bought a new stake in L3Harris Technologies during the first quarter worth about $299,157,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of L3Harris Technologies by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,412,818 shares of the company's stock worth $297,087,000 after buying an additional 14,344 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the sale, the insider directly owned 25,325 shares in the company, valued at $6,204,625. This represents a 7.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction 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 sale, the chief executive officer owned 145,578 shares of the company's stock, valued at $39,472,018.92. This trade represents a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 147,199 shares of company stock worth $39,045,071 over the last three months. Insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Down 0.1%

LHX stock traded down $0.33 during midday trading on Friday, hitting $270.72. The company's stock had a trading volume of 1,177,990 shares, compared to its average volume of 1,439,251. The company has a market cap of $50.65 billion, a PE ratio of 30.25, a P/E/G ratio of 1.98 and a beta of 0.77. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The firm's 50-day moving average is $260.99 and its 200-day moving average is $231.70.

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 (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.30. The business had revenue of $5.43 billion for 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 firm's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.24 EPS. On average, equities research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio is presently 53.63%.

Analysts Set New Price Targets

LHX has been the topic of several analyst reports. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Truist Financial boosted their price target on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Citigroup boosted their price target on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Wall Street Zen downgraded L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Tuesday, August 5th. Finally, Robert W. Baird boosted their price target on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

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.