Federated Hermes Inc. Decreases Stock Position in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Federated Hermes Inc. reduced its stake in L3Harris Technologies Inc. by 8.9% in the 1st quarter, ending with 22,961 shares valued at approximately $4.8 million.
• L3Harris Technologies reported $2.78 EPS for the quarter, exceeding analyst expectations, and had a quarterly revenue of $5.43 billion, up 2.4% year-over-year.
• A quarterly dividend of $1.20 will be paid on September 22nd, equating to an annualized dividend yield of 1.7%.

Federated Hermes Inc. lessened its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 8.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 22,961 shares of the company's stock after selling 2,255 shares during the period. Federated Hermes Inc.'s holdings in L3Harris Technologies were worth $4,806,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Beacon Capital Management LLC raised its holdings in L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in L3Harris Technologies by 336.4% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after buying an additional 111 shares during the period. Park Square Financial Group LLC purchased a new stake in L3Harris Technologies during the 4th quarter valued at $37,000. Cornerstone Planning Group LLC increased its stake in L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after purchasing an additional 139 shares during the period. Finally, ORG Wealth Partners LLC purchased a new stake in L3Harris Technologies in the first quarter worth $42,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of LHX stock opened at $278.19 on Monday. 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 firm's 50-day moving average is $255.07 and its two-hundred day moving average is $227.98. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.03. The company has a market capitalization of $52.05 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued 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. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the firm earned $3.24 earnings per share. L3Harris Technologies's quarterly revenue was up 2.4% compared to the same quarter last year. Analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on LHX shares. Barclays increased their target price on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. The Goldman Sachs Group upgraded L3Harris Technologies from a "sell" rating to a "buy" rating and increased their target price for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. Truist Financial increased their target price on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, UBS Group raised their price target on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Buying and Selling

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total value of $19,522,080.00. Following the sale, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. The trade was a 33.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider directly owned 25,325 shares in the company, valued at $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,061 shares of company stock worth $28,227,077 over the last three months. Insiders own 0.72% of the company's stock.

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.

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