Diamant Asset Management Inc. Acquires 356,195 Shares of L3Harris Technologies Inc $LHX

Key Points

• Diamant Asset Management dramatically increased its stake in L3Harris Technologies, buying 356,195 shares in the first quarter and lifting its holdings to 357,230 shares worth about $123.3 million.
• L3Harris beat quarterly expectations, reporting EPS of $2.72 versus the $2.53 consensus and revenue of $5.74 billion, up 11.9% year over year.
• Analyst sentiment remains constructive overall, with the stock carrying a “Moderate Buy” consensus and an average target price of $354.75, despite some recent target cuts and mixed rating changes.

Diamant Asset Management Inc. grew its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 34,415.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 357,230 shares of the company's stock after buying an additional 356,195 shares during the period. Diamant Asset Management Inc. owned approximately 0.19% of L3Harris Technologies worth $123,298,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Artisan Partners Limited Partnership lifted its holdings in shares of L3Harris Technologies by 174.2% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,900,509 shares of the company's stock valued at $557,933,000 after acquiring an additional 1,207,334 shares during the last quarter. Victory Capital Management Inc. increased its stake in L3Harris Technologies by 1,053.9% during the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company's stock worth $360,964,000 after acquiring an additional 1,079,474 shares during the last quarter. Two Sigma Investments LP increased its stake in L3Harris Technologies by 560.7% during the third quarter. Two Sigma Investments LP now owns 614,287 shares of the company's stock worth $187,609,000 after acquiring an additional 521,312 shares during the last quarter. Boston Partners raised its position in L3Harris Technologies by 27.6% during the fourth quarter. Boston Partners now owns 2,401,871 shares of the company's stock valued at $709,396,000 after purchasing an additional 519,226 shares during the period. Finally, M&T Bank Corp raised its position in L3Harris Technologies by 3,127.8% during the fourth quarter. M&T Bank Corp now owns 408,740 shares of the company's stock valued at $119,994,000 after purchasing an additional 396,077 shares during the period. 84.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Truist Financial upgraded L3Harris Technologies to a "strong-buy" rating in a report on Friday, May 1st. Weiss Ratings lowered L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday. UBS Group lowered their price target on L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating for the company in a research report on Friday, May 1st. Sanford C. Bernstein dropped their price objective on shares of L3Harris Technologies to $405.00 and set an "outperform" rating for the company in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $354.75.

Insiders Place Their Bets

In other news, VP Melanie Rakita sold 2,180 shares of L3Harris Technologies stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $310.45, for a total transaction of $676,781.00. Following the completion of the sale, the vice president directly owned 4,192 shares in the company, valued at approximately $1,301,406.40. This trade represents a 34.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.68% of the stock is currently owned by insiders.

L3Harris Technologies Stock Up 1.0%

Shares of NYSE:LHX opened at $291.45 on Friday. The firm has a market capitalization of $54.29 billion, a PE ratio of 31.65, a price-to-earnings-growth ratio of 1.47 and a beta of 0.50. The business has a 50 day simple moving average of $310.84 and a two-hundred day simple moving average of $328.53. L3Harris Technologies Inc has a 1 year low of $245.12 and a 1 year high of $379.23. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 0.89.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.19. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.The firm had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.42 billion. During the same period in the prior year, the business posted $2.41 earnings per share. The company's revenue for the quarter was up 11.9% on a year-over-year basis. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. On average, equities analysts predict that L3Harris Technologies Inc will post 11.52 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were paid a $1.25 dividend. The ex-dividend date was Friday, June 5th. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. L3Harris Technologies's dividend payout ratio (DPR) is presently 54.29%.

L3Harris Technologies Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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