Diamond Hill Capital Management Inc. Trims Stake in L3Harris Technologies Inc $LHX

Key Points

• Diamond Hill Capital Management cut its L3Harris Technologies stake by 28.8% in the fourth quarter, selling 323,450 shares and ending with 800,173 shares worth about $234.9 million.
• Despite that sale, institutional ownership remains very high, with hedge funds and other institutions holding 84.76% of L3Harris shares. Several other funds also increased their positions in recent quarters.
• L3Harris reported solid quarterly results, beating EPS and revenue estimates, while analysts remain generally positive with a consensus “Moderate Buy” rating and a target price of $354.75. The company also declared a quarterly dividend of $1.25 per share, yielding about 1.6%.

Diamond Hill Capital Management Inc. reduced its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 28.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 800,173 shares of the company's stock after selling 323,450 shares during the period. Diamond Hill Capital Management Inc. owned approximately 0.43% of L3Harris Technologies worth $234,907,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Korea Investment CORP grew its position in L3Harris Technologies by 11.2% in the third quarter. Korea Investment CORP now owns 153,567 shares of the company's stock worth $46,901,000 after acquiring an additional 15,408 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in L3Harris Technologies by 13.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company's stock worth $9,230,000 after acquiring an additional 3,532 shares in the last quarter. Crystal Rock Capital Management purchased a new position in L3Harris Technologies in the third quarter worth $1,993,000. Neo Ivy Capital Management purchased a new position in L3Harris Technologies in the third quarter worth $1,203,000. Finally, Jain Global LLC grew its position in L3Harris Technologies by 469.1% in the third quarter. Jain Global LLC now owns 45,861 shares of the company's stock worth $14,006,000 after acquiring an additional 37,803 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on LHX. Truist Financial upgraded shares of L3Harris Technologies to a "strong-buy" rating in a research report on Friday, May 1st. Argus upgraded shares of L3Harris Technologies to a "strong-buy" rating in a research report on Friday, February 27th. Citigroup upped their target price on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a "buy" rating in a research report on Thursday, February 5th. Morgan Stanley upped their target price on shares of L3Harris Technologies from $367.00 to $390.00 and gave the stock an "overweight" rating in a research report on Monday, February 2nd. Finally, JPMorgan Chase & Co. upped their target price on shares of L3Harris Technologies from $340.00 to $395.00 and gave the stock an "overweight" rating in a research report on Thursday, February 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $354.75.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $306.42 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.03 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $57.08 billion, a PE ratio of 33.27, a P/E/G ratio of 1.56 and a beta of 0.51. The firm has a fifty day simple moving average of $337.56 and a two-hundred day simple moving average of $325.14. L3Harris Technologies Inc has a twelve month low of $232.73 and a twelve month high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted 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. The business had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.42 billion. L3Harris Technologies had a net margin of 7.71% and a return on equity of 10.65%. The firm's revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.41 earnings per share. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. Research analysts expect that L3Harris Technologies Inc will post 11.52 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $5.00 annualized dividend and a yield of 1.6%. L3Harris Technologies's payout ratio is currently 54.29%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Jon Rambeau sold 5,528 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,660 shares of the company's stock, valued at $2,836,651.20. The trade was a 41.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Samir Mehta sold 5,528 shares of the business's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the sale, the insider directly owned 7,756 shares of the company's stock, valued at $2,872,201.92. This represents a 41.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,365 shares of company stock valued at $5,861,117 over the last three months. Insiders own 0.68% of the company's stock.

L3Harris Technologies Company 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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