DAVENPORT & Co LLC Reduces Stock Position in L3Harris Technologies Inc $LHX

Key Points

• DAVENPORT & Co LLC reduced its stake in L3Harris Technologies by 0.7%, now holding 624,232 shares, which constitutes 0.8% of its portfolio.
• Several research firms upgraded L3Harris Technologies' rating, with a consensus rating of "Moderate Buy" and an average target price of $279.47.
• L3Harris Technologies' recent earnings report showed an EPS of $2.78, surpassing estimates, and the company declared a quarterly dividend of $1.20 per share.

DAVENPORT & Co LLC trimmed its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 0.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 624,232 shares of the company's stock after selling 4,394 shares during the quarter. L3Harris Technologies makes up 0.8% of DAVENPORT & Co LLC's portfolio, making the stock its 28th biggest holding. DAVENPORT & Co LLC owned 0.33% of L3Harris Technologies worth $155,958,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LHX. Clearstead Trust LLC purchased a new position in L3Harris Technologies in the 1st quarter valued at about $26,000. Nova Wealth Management Inc. acquired a new stake in L3Harris Technologies during the first quarter worth approximately $26,000. Beacon Capital Management LLC boosted its position in L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Independence Bank of Kentucky grew its stake in L3Harris Technologies by 44.4% in the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock worth $33,000 after acquiring an additional 40 shares during the period. Finally, Cornerstone Planning Group LLC raised its holdings in L3Harris Technologies by 323.3% in the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after acquiring an additional 139 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on LHX. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Susquehanna increased their price objective on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Robert W. Baird increased their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Finally, 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 report on Friday, July 25th. Fourteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, L3Harris Technologies has a consensus rating of "Moderate Buy" and an average target price of $279.47.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $297.52 on Monday. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $305.94. 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 has a market capitalization of $55.67 billion, a price-to-earnings ratio of 33.24, a price-to-earnings-growth ratio of 2.17 and a beta of 0.76. The firm's fifty day moving average price is $279.07 and its 200 day moving average price is $250.10.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data 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 for 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%.L3Harris Technologies's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, research analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Christopher E. Kubasik sold 83,000 shares of the stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the sale, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $40,747,282.20. This represents a 36.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 195,138 shares of company stock worth $53,571,774 in the last quarter. 0.72% of the stock is owned by corporate insiders.

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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