CIBC Asset Management Inc Increases Stock Position in L3Harris Technologies Inc $LHX

Key Points

• CIBC Asset Management increased its L3Harris Technologies stake by 28.7% in the fourth quarter, bringing its holdings to 81,929 shares valued at about $24.1 million.
• L3Harris reported stronger-than-expected quarterly results, with EPS of $2.72 versus estimates of $2.53 and revenue of $5.74 billion versus $5.42 billion expected; revenue rose 11.9% year over year.
• The company also announced a quarterly dividend of $1.25 per share, payable June 26, and analysts remain generally positive with a “Moderate Buy” consensus and an average price target of $354.75.

CIBC Asset Management Inc raised its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 28.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 81,929 shares of the company's stock after acquiring an additional 18,277 shares during the period. CIBC Asset Management Inc's holdings in L3Harris Technologies were worth $24,052,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Brighton Jones LLC boosted its position in shares of L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after purchasing an additional 3,001 shares during the period. Jump Financial LLC raised its position in L3Harris Technologies by 14.9% in the second quarter. Jump Financial LLC now owns 2,995 shares of the company's stock valued at $751,000 after purchasing an additional 388 shares during the period. NewEdge Advisors LLC lifted its stake in L3Harris Technologies by 14.2% during the second quarter. NewEdge Advisors LLC now owns 17,082 shares of the company's stock worth $4,285,000 after purchasing an additional 2,130 shares in the last quarter. Nebula Research & Development LLC purchased a new position in shares of L3Harris Technologies during the second quarter worth $856,000. Finally, Treasurer of the State of North Carolina boosted its position in shares of L3Harris Technologies by 0.6% during the second quarter. Treasurer of the State of North Carolina now owns 87,238 shares of the company's stock worth $21,883,000 after buying an additional 563 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Melanie Rakita sold 2,180 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $310.45, for a total value of $676,781.00. Following the sale, the vice president owned 4,192 shares of the company's stock, valued at $1,301,406.40. This trade represents a 34.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.68% of the stock is currently owned by company insiders.

L3Harris Technologies Trading Up 2.1%

NYSE:LHX opened at $309.91 on Friday. The firm has a market cap of $57.73 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 1.53 and a beta of 0.50. The stock has a fifty day moving average price of $327.78 and a 200 day moving average price of $326.48. L3Harris Technologies Inc has a 12-month low of $237.56 and a 12-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 issued its quarterly earnings results on Thursday, April 30th. The company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.19. The company had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.42 billion. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.L3Harris Technologies's revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.41 EPS. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. Sell-side analysts anticipate that L3Harris Technologies Inc will post 11.52 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, June 5th. L3Harris Technologies's dividend payout ratio is presently 54.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LHX shares. Argus upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, February 27th. Truist Financial upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, May 1st. Weiss Ratings upgraded shares of L3Harris Technologies from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 13th. Citigroup increased their price target on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a "buy" rating in a research report on Thursday, February 5th. Finally, Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, April 11th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $354.75.

L3Harris Technologies 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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