Canada Pension Plan Investment Board Increases Stock Holdings in L3Harris Technologies Inc $LHX

Key Points

• The Canada Pension Plan Investment Board increased its holdings in L3Harris Technologies Inc by 42.0%, acquiring 72,637 additional shares, bringing its total ownership to 245,776 shares valued at approximately $51.4 million.
• Research analysts have raised their price targets for L3Harris Technologies, with reports indicating a consensus rating of "Moderate Buy" and an average price target of $279.47.
• In a notable insider transaction, CEO Christopher E. Kubasik sold 72,000 shares at an average price of $271.14, reducing his ownership by over 33%.

Canada Pension Plan Investment Board boosted its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 42.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 245,776 shares of the company's stock after purchasing an additional 72,637 shares during the period. Canada Pension Plan Investment Board owned about 0.13% of L3Harris Technologies worth $51,443,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC increased its position in L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after purchasing an additional 3,001 shares during the period. AQR Capital Management LLC raised its holdings in shares of L3Harris Technologies by 30.7% during the fourth quarter. AQR Capital Management LLC now owns 204,176 shares of the company's stock valued at $42,816,000 after acquiring an additional 47,899 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of L3Harris Technologies in the fourth quarter valued at approximately $15,771,000. Aspire Growth Partners LLC acquired a new position in shares of L3Harris Technologies in the 4th quarter valued at $548,000. Finally, Aptus Capital Advisors LLC boosted its position in shares of L3Harris Technologies by 371.1% during the fourth quarter. Aptus Capital Advisors LLC now owns 12,518 shares of the company's stock worth $2,632,000 after buying an additional 9,861 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LHX has been the subject of several research reports. UBS Group boosted their target price on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Truist Financial upped their target price on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Barclays raised their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Finally, Robert W. Baird lifted their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $279.47.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 40,138 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $269.52, for a total value of $10,817,993.76. Following the sale, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,236,182.56. This trade represents a 21.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 145,199 shares of company stock worth $38,555,071 over the last ninety days. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Price Performance

LHX traded down $0.17 during trading on Thursday, hitting $272.94. 561,808 shares of the stock traded hands, compared to its average volume of 1,407,625. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $280.52. The company has a market cap of $51.06 billion, a price-to-earnings ratio of 30.50, a PEG ratio of 2.03 and a beta of 0.76. The business has a 50 day moving average price of $267.90 and a 200 day moving average price of $237.69.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Equities research analysts forecast 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 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 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio (DPR) is 53.63%.

About L3Harris Technologies

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.