Corient IA LLC Buys New Stake in L3Harris Technologies Inc $LHX

Key Points

• Corient IA LLC acquired a new position in L3Harris Technologies Inc, purchasing 1,500 shares valued at approximately $314,000.
• L3Harris Technologies saw several hedge funds, including Oppenheimer Asset Management and BankPlus Wealth Management, increase their holdings in the company during the first quarter of this year.
• The company recently announced a quarterly dividend of $1.20 per share, yielding 1.8%, to be paid on September 22nd to investors of record.

Corient IA LLC purchased a new position in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,500 shares of the company's stock, valued at approximately $314,000.

Other hedge funds have also added to or reduced their stakes in the company. Transce3nd LLC increased its position in shares of L3Harris Technologies by 7.9% in the first quarter. Transce3nd LLC now owns 652 shares of the company's stock valued at $137,000 after acquiring an additional 48 shares during the period. Koshinski Asset Management Inc. increased its position in shares of L3Harris Technologies by 3.1% in the first quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock valued at $353,000 after acquiring an additional 50 shares during the period. Cobblestone Capital Advisors LLC NY increased its position in shares of L3Harris Technologies by 2.2% during the first quarter. Cobblestone Capital Advisors LLC NY now owns 2,404 shares of the company's stock valued at $503,000 after buying an additional 51 shares during the period. CWC Advisors LLC. increased its position in shares of L3Harris Technologies by 2.1% during the fourth quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock valued at $546,000 after buying an additional 53 shares during the period. Finally, Callan Capital LLC increased its position in shares of L3Harris Technologies by 5.0% during the first quarter. Callan Capital LLC now owns 1,107 shares of the company's stock valued at $232,000 after buying an additional 53 shares during the period. 84.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on LHX. Susquehanna boosted their price target 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. Barclays boosted their price target 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. Truist Financial boosted 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. Royal Bank Of Canada boosted their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Finally, Wall Street Zen cut shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $279.47.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 40,138 shares of the firm's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $269.52, for a total transaction of $10,817,993.76. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $39,236,182.56. This trade represents a 21.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 147,199 shares of company stock valued at $39,045,071. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Performance

L3Harris Technologies stock traded down $0.3320 during midday trading on Thursday, reaching $275.8180. 908,539 shares of the company traded hands, compared to its average volume of 1,430,873. The firm has a market capitalization of $51.61 billion, a price-to-earnings ratio of 30.82, a price-to-earnings-growth ratio of 1.99 and a beta of 0.77. The business has a 50 day moving average of $262.64 and a two-hundred day moving average of $232.84. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping 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 business had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same period last year, the firm earned $3.24 earnings per share. The company's quarterly revenue was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be paid a $1.20 dividend. The ex-dividend date of this dividend 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 is 53.63%.

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.