Corebridge Financial Inc. Reduces Holdings in L3Harris Technologies Inc $LHX

Key Points

• Corebridge Financial Inc. reduced its stake in L3Harris Technologies Inc by 3.6%, ending the quarter with a position valued at approximately $9.06 million.
• L3Harris Technologies' CEO, Christopher E. Kubasik, sold 40,138 shares recently, resulting in a 21.61% decrease in his ownership position.
• The company reported earnings of $2.78 per share for the last quarter, exceeding expectations and forecasting a FY 2025 EPS guidance of 10.400-10.600.

Corebridge Financial Inc. reduced its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 43,275 shares of the company's stock after selling 1,633 shares during the quarter. Corebridge Financial Inc.'s holdings in L3Harris Technologies were worth $9,058,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Transce3nd LLC lifted its holdings in shares of L3Harris Technologies by 7.9% in the 1st quarter. Transce3nd LLC now owns 652 shares of the company's stock worth $137,000 after acquiring an additional 48 shares during the last quarter. Koshinski Asset Management Inc. lifted its holdings in L3Harris Technologies by 3.1% during the 1st quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock worth $353,000 after buying an additional 50 shares in the last quarter. Cobblestone Capital Advisors LLC NY lifted its holdings in L3Harris Technologies by 2.2% during the 1st quarter. Cobblestone Capital Advisors LLC NY now owns 2,404 shares of the company's stock worth $503,000 after buying an additional 51 shares in the last quarter. CWC Advisors LLC. lifted its holdings in L3Harris Technologies by 2.1% during the 4th quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock worth $546,000 after buying an additional 53 shares in the last quarter. Finally, Callan Capital LLC lifted its holdings in L3Harris Technologies by 5.0% during the 1st quarter. Callan Capital LLC now owns 1,107 shares of the company's stock worth $232,000 after buying an additional 53 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Stock Performance

Shares of LHX stock traded up $0.43 during mid-day trading on Monday, hitting $277.47. The stock had a trading volume of 1,266,163 shares, compared to its average volume of 1,112,421. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52. The firm has a market cap of $51.91 billion, a PE ratio of 31.00, a PEG ratio of 2.03 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The company's 50-day simple moving average is $266.31 and its 200-day simple moving average is $236.62.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate 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 analysts' expectations of $5.31 billion. During the same quarter last year, the business earned $3.24 earnings per share. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

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

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 40,138 shares of the firm's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $269.52, for a total value of $10,817,993.76. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at $39,236,182.56. This trade represents a 21.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 145,199 shares of company stock valued at $38,555,071 in the last ninety days. 0.72% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

LHX has been the topic of a number of research reports. UBS Group increased their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Barclays raised their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Royal Bank Of Canada raised their price objective on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Finally, Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $279.47.

About L3Harris Technologies

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.