L3Harris Technologies Inc $LHX Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in L3Harris Technologies by 3.0%, selling 2,085 shares and now holding 68,054 shares worth approximately $14.2 million.
• CEO Christopher E. Kubasik sold 72,000 shares for over $19.5 million, marking a 33.09% decrease in his ownership of the company.
• The company announced a quarterly dividend of $1.20 per share, representing a 1.7% yield, with an ex-dividend date on September 5th.

Comerica Bank cut its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,054 shares of the company's stock after selling 2,085 shares during the period. Comerica Bank's holdings in L3Harris Technologies were worth $14,244,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Clearstead Trust LLC bought a new position in shares of L3Harris Technologies during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC raised its stake in shares of L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the period. Park Square Financial Group LLC bought a new stake in shares of L3Harris Technologies during the 4th quarter worth $37,000. Cornerstone Planning Group LLC increased its holdings in L3Harris Technologies by 323.3% in the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after acquiring an additional 139 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in L3Harris Technologies in the 1st quarter worth about $42,000. 84.76% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies 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 transaction, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $39,472,018.92. This trade represents a 33.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 145,199 shares of company stock valued at $38,555,071. Company insiders own 0.72% of the company's stock.

L3Harris Technologies Trading Up 0.2%

LHX traded up $0.43 during trading on Friday, hitting $277.47. 1,266,163 shares of the stock were exchanged, compared to its average volume of 1,413,997. The firm has a 50 day simple moving average of $265.76 and a 200 day simple moving average of $235.63. The firm has a market cap of $51.91 billion, a price-to-earnings ratio of 31.00, a P/E/G ratio of 2.02 and a beta of 0.77. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.48 by $0.30. The company had revenue of $5.43 billion for 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%.L3Harris Technologies's quarterly revenue was up 2.4% on a year-over-year basis. 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. As a group, equities analysts expect 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. Stockholders of record on Friday, September 5th will be issued a $1.20 dividend. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. L3Harris Technologies's dividend payout ratio (DPR) is currently 53.63%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on LHX shares. Barclays lifted their price target on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. UBS Group boosted their target price on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Robert W. Baird upped 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. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Finally, Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies 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.