Concurrent Investment Advisors LLC Acquires 2,062 Shares of L3Harris Technologies Inc $LHX

Key Points

• Concurrent Investment Advisors LLC increased its stake in L3Harris Technologies Inc by 7.8%, acquiring an additional 2,062 shares, bringing its total holdings to 28,668 shares worth approximately $7.19 million.
• L3Harris reported better-than-expected quarterly earnings, with an EPS of $2.78 against a consensus estimate of $2.48, and revenue reaching $5.43 billion, also above expectations.
• The company recently declared a quarterly dividend of $1.20, reflecting an annualized yield of 1.6%, with a payout ratio of 53.63%.

Concurrent Investment Advisors LLC increased its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 7.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,668 shares of the company's stock after buying an additional 2,062 shares during the period. Concurrent Investment Advisors LLC's holdings in L3Harris Technologies were worth $7,191,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clearstead Trust LLC acquired a new stake in shares of L3Harris Technologies in the first quarter valued at approximately $26,000. Nova Wealth Management Inc. acquired a new stake in shares of L3Harris Technologies in the first quarter valued at approximately $26,000. Beacon Capital Management LLC raised its position in shares of L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares in the last quarter. Independence Bank of Kentucky raised its position in shares of L3Harris Technologies by 44.4% in the second quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock valued at $33,000 after buying an additional 40 shares in the last quarter. Finally, Cornerstone Planning Group LLC raised its position in shares of L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after buying an additional 139 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Stock Down 1.9%

Shares of NYSE:LHX opened at $292.45 on Monday. The company has a fifty day moving average of $281.74 and a 200-day moving average of $253.22. The company has a market capitalization of $54.72 billion, a PE ratio of 32.68, a price-to-earnings-growth ratio of 2.14 and a beta of 0.76. 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 52-week low of $193.09 and a 52-week high of $308.12.

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

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Investors of record on Friday, September 5th were paid a $1.20 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $4.80 annualized dividend and a dividend yield of 1.6%. L3Harris Technologies's payout ratio is currently 53.63%.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $279.90, for a total value of $23,231,700.00. Following the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 195,138 shares of company stock valued at $53,571,774 over the last quarter. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on LHX. Truist Financial lifted their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research report on Friday, July 25th. UBS Group lifted their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Susquehanna boosted their price objective on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Robert W. Baird boosted their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Finally, Barclays boosted their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average price target of $278.19.

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.

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