Flputnam Investment Management Co. Sells 12,260 Shares of L3Harris Technologies Inc $LHX

Key Points

• Flputnam Investment Management Co. cut its stake in L3Harris Technologies by 39.9%, selling 12,260 shares, reducing their holdings to 18,435 shares valued at approximately $3.86 million.
• CEO Christopher E. Kubasik sold 72,000 shares for over $19 million, resulting in a 33.09% decrease in his ownership of the company.
• Analysts have raised their price targets for L3Harris stock, with a consensus target price now at $279.47 and the stock rated as "Moderate Buy" on average.

Flputnam Investment Management Co. lowered its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 39.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 18,435 shares of the company's stock after selling 12,260 shares during the period. Flputnam Investment Management Co.'s holdings in L3Harris Technologies were worth $3,859,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in shares of L3Harris Technologies by 1.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,833,024 shares of the company's stock worth $2,058,151,000 after purchasing an additional 181,550 shares during the last quarter. Wellington Management Group LLP lifted its holdings in L3Harris Technologies by 12.2% during the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after buying an additional 557,610 shares during the last quarter. Invesco Ltd. lifted its holdings in L3Harris Technologies by 5.0% during the 1st quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock worth $491,323,000 after buying an additional 112,271 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after buying an additional 311,886 shares during the last quarter. Finally, Nuveen LLC bought a new position in L3Harris Technologies during the 1st quarter worth approximately $299,157,000. Institutional investors own 84.76% of the company's stock.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,138 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $269.52, for a total transaction of $10,817,993.76. Following the sale, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,236,182.56. The trade was a 21.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 145,199 shares of company stock worth $38,555,071 over the last three months. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Price Performance

L3Harris Technologies stock traded down $0.09 during trading hours on Thursday, hitting $273.02. 1,083,634 shares of the company traded hands, compared to its average volume of 1,410,967. The firm has a market cap of $51.08 billion, a P/E ratio of 30.51, a P/E/G ratio of 2.03 and a beta of 0.76. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm's 50-day simple moving average is $267.90 and its two-hundred day simple moving average is $237.69. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52.

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

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.8%. L3Harris Technologies's payout ratio is 53.63%.

Wall Street Analyst Weigh In

A number of research analysts have commented on LHX shares. Susquehanna increased their target price on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Citigroup increased their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. UBS Group increased their target price on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, Robert W. Baird raised their price target on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $279.47.

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.