Community Trust & Investment Co. Sells 2,834 Shares of L3Harris Technologies Inc $LHX

Key Points

• Community Trust & Investment Co. reduced its stake in L3Harris Technologies by 4.3% during the second quarter, retaining a total of 62,412 shares valued at approximately $15.7 million.
• Analysts have increased their price targets for L3Harris Technologies, with UBS raising it from $262 to $280 and several others also projecting similar increases, reflecting a consensus rating of "Moderate Buy."
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, with a scheduled payment date of September 22, representing an annualized yield of 1.7%.

Community Trust & Investment Co. reduced its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 4.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 62,412 shares of the company's stock after selling 2,834 shares during the quarter. Community Trust & Investment Co.'s holdings in L3Harris Technologies were worth $15,655,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC purchased a new stake in L3Harris Technologies in the first quarter worth approximately $299,157,000. Caisse DE Depot ET Placement DU Quebec raised its holdings in L3Harris Technologies by 946.6% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company's stock worth $164,297,000 after purchasing an additional 709,948 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of L3Harris Technologies by 12.2% during the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock valued at $1,074,208,000 after acquiring an additional 557,610 shares in the last quarter. GAMMA Investing LLC increased its holdings in L3Harris Technologies by 18,295.3% in the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock worth $107,424,000 after buying an additional 510,438 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in L3Harris Technologies by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after purchasing an additional 311,886 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $40,747,282.20. This represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 195,138 shares of company stock worth $53,571,774 in the last quarter. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Performance

LHX stock traded up $0.94 during mid-day trading on Friday, hitting $283.67. The company had a trading volume of 1,316,030 shares, compared to its average volume of 953,881. 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 Inc has a 12 month low of $193.09 and a 12 month high of $286.81. The firm has a market cap of $53.07 billion, a PE ratio of 31.70, a price-to-earnings-growth ratio of 2.08 and a beta of 0.76. The stock's fifty day moving average price is $273.51 and its two-hundred day moving average price is $244.27.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same period in the previous year, the business posted $3.24 earnings per share. The business's revenue for the quarter was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on LHX. Truist Financial boosted their price target on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. UBS Group boosted their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Finally, Barclays upped their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average price target 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.