Cullen Frost Bankers Inc. Cuts Stock Position in L3Harris Technologies Inc $LHX

Key Points

• Cullen Frost Bankers Inc. reduced its stake in L3Harris Technologies by 1.4%, selling 935 shares, leaving them with 65,910 shares worth $16.53 million.
• L3Harris Technologies reported earnings of $2.78 per share, exceeding analysts' expectations of $2.48, alongside a revenue of $5.43 billion for the quarter.
• The company declared a quarterly dividend of $1.20 per share, with an annualized yield of 1.6%, to be paid on December 5th.

Cullen Frost Bankers Inc. lessened its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 1.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,910 shares of the company's stock after selling 935 shares during the period. Cullen Frost Bankers Inc.'s holdings in L3Harris Technologies were worth $16,533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Whittier Trust Co. grew its stake in L3Harris Technologies by 6.1% in the second quarter. Whittier Trust Co. now owns 868 shares of the company's stock valued at $218,000 after purchasing an additional 50 shares during the last quarter. Probity Advisors Inc. grew its stake in L3Harris Technologies by 17.1% in the second quarter. Probity Advisors Inc. now owns 1,548 shares of the company's stock valued at $388,000 after purchasing an additional 226 shares during the last quarter. Triton Financial Group Inc purchased a new position in L3Harris Technologies in the second quarter valued at about $1,477,000. Klingman & Associates LLC grew its stake in L3Harris Technologies by 2.2% in the second quarter. Klingman & Associates LLC now owns 1,986 shares of the company's stock valued at $498,000 after purchasing an additional 42 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC purchased a new position in L3Harris Technologies in the second quarter valued at about $334,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Up 0.6%

L3Harris Technologies stock opened at $292.39 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $308.12. The company has a market capitalization of $54.71 billion, a price-to-earnings ratio of 32.67, a price-to-earnings-growth ratio of 2.12 and a beta of 0.76. The stock has a 50-day moving average price of $284.08 and a 200 day moving average price of $256.91.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its 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. The firm had revenue of $5.43 billion during 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%.The company's revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.24 earnings per share. 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 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 17th will be given a $1.20 dividend. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. L3Harris Technologies's payout ratio is 53.63%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 83,000 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 145,578 shares in the company, valued at $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 195,138 shares of company stock valued at $53,571,774 in the last three months. 0.72% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of L3Harris Technologies in a report on Wednesday, October 8th. Robert W. Baird raised their price target on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Weiss Ratings reissued a "buy (b-)" rating on shares of L3Harris Technologies in a report on Wednesday, October 8th. Finally, UBS Group raised their price target on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Thirteen 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, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $287.63.

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.

Want to see what other hedge funds are holding LHX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for L3Harris Technologies Inc (NYSE:LHX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.