L3Harris Technologies Inc $LHX Shares Purchased by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its holdings in L3Harris Technologies by 5.5% during the first quarter, owning 20,826 shares valued at approximately $4.36 million.
• Insider trading activity showed CEO Christopher E. Kubasik sold 83,000 shares, a 36.31% decrease in his position, raising concerns about insider sentiment.
• Several analysts have raised their price targets for L3Harris Technologies, with Barclays setting a new target at $305.00, reflecting a positive outlook on the stock.

Empowered Funds LLC boosted its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,826 shares of the company's stock after acquiring an additional 1,091 shares during the quarter. Empowered Funds LLC's holdings in L3Harris Technologies were worth $4,359,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in LHX. Clearstead Trust LLC acquired a new stake in shares of L3Harris Technologies in the first quarter valued at $26,000. Beacon Capital Management LLC grew its stake in shares of L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares in the last quarter. Park Square Financial Group LLC acquired a new stake in shares of L3Harris Technologies in the fourth quarter valued at $37,000. Cornerstone Planning Group LLC grew its stake in shares of L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after buying an additional 139 shares in the last quarter. Finally, WPG Advisers LLC acquired a new stake in shares of L3Harris Technologies in the first quarter valued at $39,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on LHX shares. Truist Financial lifted their price objective on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Robert W. Baird lifted their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Finally, Citigroup lifted their target price on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $279.47.

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer owned 145,578 shares in the company, valued at $40,747,282.20. The trade was a 36.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 195,138 shares of company stock valued at $53,571,774. Insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded up $2.56 on Monday, hitting $281.76. The stock had a trading volume of 783,399 shares, compared to its average volume of 971,640. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $282.22. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The stock has a market cap of $52.72 billion, a price-to-earnings ratio of 31.48, a P/E/G ratio of 2.04 and a beta of 0.76. The company's 50 day moving average price is $271.59 and its 200 day moving average price is $242.44.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the business earned $3.24 EPS. The business'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. On average, research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's payout ratio is 53.63%.

L3Harris Technologies Company 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.