CI Investments Inc. Purchases 17,855 Shares of L3Harris Technologies Inc $LHX

Key Points

• CI Investments Inc. increased its L3Harris Technologies stake by 147.3% in the first quarter, buying 17,855 additional shares and bringing its total holding to 29,973 shares worth about $10.35 million.
• L3Harris reported stronger-than-expected quarterly results, with EPS of $2.72 versus estimates of $2.53 and revenue of $5.74 billion, up 11.9% year over year.
• Analyst sentiment remains constructive but mixed: the stock has a consensus rating of “Moderate Buy” with an average target price of $354.75, even as some firms trimmed price targets and one executive sold shares under a 10b5-1 plan.

CI Investments Inc. boosted its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 147.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,973 shares of the company's stock after buying an additional 17,855 shares during the quarter. CI Investments Inc.'s holdings in L3Harris Technologies were worth $10,345,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in L3Harris Technologies by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 23,410,806 shares of the company's stock worth $6,872,710,000 after buying an additional 190,955 shares during the period. Capital World Investors lifted its stake in L3Harris Technologies by 2.9% in the fourth quarter. Capital World Investors now owns 11,645,419 shares of the company's stock worth $3,418,747,000 after acquiring an additional 329,910 shares during the period. State Street Corp boosted its holdings in L3Harris Technologies by 1.6% in the fourth quarter. State Street Corp now owns 8,919,368 shares of the company's stock valued at $2,618,459,000 after acquiring an additional 141,442 shares in the last quarter. Geode Capital Management LLC raised its holdings in L3Harris Technologies by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 5,146,713 shares of the company's stock worth $1,505,444,000 after purchasing an additional 106,430 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of L3Harris Technologies by 3.9% in the 4th quarter. Morgan Stanley now owns 3,318,020 shares of the company's stock worth $974,072,000 after purchasing an additional 124,797 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Activity at L3Harris Technologies

In related news, VP Melanie Rakita sold 2,180 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $310.45, for a total transaction of $676,781.00. Following the completion of the sale, the vice president directly owned 4,192 shares in the company, valued at approximately $1,301,406.40. The trade was a 34.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on LHX shares. UBS Group decreased their price target on shares of L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating for the company in a research note on Friday, May 1st. Weiss Ratings cut L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, June 23rd. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Saturday, April 11th. Sanford C. Bernstein decreased their price target on shares of L3Harris Technologies to $405.00 and set an "outperform" rating for the company in a research note on Monday, May 4th. Finally, Truist Financial upgraded shares of L3Harris Technologies to a "strong-buy" rating in a report on Friday, May 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and an average target price of $354.75.

L3Harris Technologies Stock Up 2.6%

Shares of LHX stock opened at $285.03 on Thursday. The stock has a 50 day moving average of $299.58 and a 200 day moving average of $328.82. The stock has a market cap of $53.10 billion, a P/E ratio of 30.95, a P/E/G ratio of 1.41 and a beta of 0.51. L3Harris Technologies Inc has a twelve month low of $262.98 and a twelve month high of $379.23. The company has a current ratio of 1.03, a quick ratio of 0.89 and a debt-to-equity ratio of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, April 30th. The company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.53 by $0.19. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.The firm had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the firm posted $2.41 EPS. The business's revenue was up 11.9% on a year-over-year basis. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. As a group, sell-side analysts expect that L3Harris Technologies Inc will post 11.54 EPS for the current year.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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