Focused Investors LLC Sells 9,200 Shares of L3Harris Technologies Inc $LHX

Key Points

• Focused Investors LLC reduced its holdings in L3Harris Technologies Inc by selling 9,200 shares, resulting in a total ownership of 430,250 shares, which accounts for approximately 3.5% of their portfolio.
• L3Harris recently reported strong quarterly earnings with an EPS of $2.78, surpassing the consensus estimate of $2.48, and a revenue increase of 2.4% year-over-year.
• The company declared a quarterly dividend of $1.20 per share, representing an annualized dividend yield of 1.6%, with a payout ratio currently at 53.63%.

Focused Investors LLC lowered its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 430,250 shares of the company's stock after selling 9,200 shares during the period. L3Harris Technologies comprises about 3.5% of Focused Investors LLC's holdings, making the stock its 15th largest holding. Focused Investors LLC owned approximately 0.23% of L3Harris Technologies worth $107,924,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake 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 valued at $2,058,151,000 after acquiring an additional 181,550 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of 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 acquiring an additional 557,610 shares during the period. Invesco Ltd. grew its stake in shares of L3Harris Technologies by 5.0% in 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 grew its stake in shares of L3Harris Technologies by 15.5% in 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 in the 1st quarter valued at approximately $299,157,000. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Down 0.5%

Shares of L3Harris Technologies stock opened at $301.58 on Wednesday. The firm has a market cap of $56.43 billion, a price-to-earnings ratio of 33.70, a PEG ratio of 2.22 and a beta of 0.76. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $305.94. 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 business has a 50-day moving average price of $280.33 and a 200-day moving average price of $251.12.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.48 by $0.30. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The firm's revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the business posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 22nd. Stockholders of record on Friday, September 5th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, September 5th. L3Harris Technologies's payout ratio is currently 53.63%.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction on 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 directly owned 145,578 shares in the company, valued at approximately $40,747,282.20. This trade represents a 36.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 195,138 shares of company stock valued at $53,571,774. Company insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

LHX has been the topic of several research analyst reports. Robert W. Baird increased their price target on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Truist Financial increased their price target on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. UBS Group increased their price target on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, July 25th. Weiss Ratings reissued a "buy (b-)" rating on shares of L3Harris Technologies in a report on Saturday, September 27th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Fourteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average target price of $279.47.

L3Harris Technologies 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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