Forum Financial Management LP Sells 3,618 Shares of L3Harris Technologies Inc $LHX

Key Points

• Forum Financial Management LP cut its stake in L3Harris Technologies by 85.4% in the first quarter, selling 3,618 shares and leaving it with 621 shares worth about $214,000.
• L3Harris reported strong quarterly results, with EPS of $2.72 beating estimates and revenue of $5.74 billion topping forecasts; revenue rose 11.9% year over year.
• The company also paid a quarterly dividend of $1.25 per share, equal to an annualized dividend of $5.00 and a yield of 1.7%.

Forum Financial Management LP lowered its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 85.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 621 shares of the company's stock after selling 3,618 shares during the quarter. Forum Financial Management LP's holdings in L3Harris Technologies were worth $214,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Pinnacle Bancorp Inc. boosted its holdings in L3Harris Technologies by 10.2% in the first quarter. Pinnacle Bancorp Inc. now owns 390 shares of the company's stock valued at $135,000 after acquiring an additional 36 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in L3Harris Technologies by 11.8% in the 1st quarter. Apollon Wealth Management LLC now owns 30,343 shares of the company's stock worth $10,473,000 after purchasing an additional 3,213 shares in the last quarter. Formidable Asset Management LLC lifted its position in shares of L3Harris Technologies by 5.7% in the 1st quarter. Formidable Asset Management LLC now owns 998 shares of the company's stock worth $344,000 after purchasing an additional 54 shares during the period. Diamant Asset Management Inc. lifted its position in shares of L3Harris Technologies by 34,415.0% in the 1st quarter. Diamant Asset Management Inc. now owns 357,230 shares of the company's stock worth $123,298,000 after purchasing an additional 356,195 shares during the period. Finally, Caldwell Trust Co boosted its stake in shares of L3Harris Technologies by 216.3% during the 1st quarter. Caldwell Trust Co now owns 3,593 shares of the company's stock valued at $1,240,000 after purchasing an additional 2,457 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

Insider Transactions at L3Harris Technologies

In other news, VP Melanie Rakita sold 2,180 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $310.45, for a total value of $676,781.00. Following the transaction, the vice president owned 4,192 shares in the company, valued at approximately $1,301,406.40. This represents a 34.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.68% of the company's stock.

Analysts Set New Price Targets

LHX has been the topic of several research analyst reports. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. UBS Group lowered their price objective on shares of L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating for the company in a report on Friday, May 1st. Truist Financial raised L3Harris Technologies to a "strong-buy" rating in a research report on Friday, May 1st. Sanford C. Bernstein reduced their target price on L3Harris Technologies to $405.00 and set an "outperform" rating on the stock in a report on Monday, May 4th. Finally, Weiss Ratings lowered L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $354.75.

L3Harris Technologies Trading Up 0.6%

NYSE LHX opened at $292.29 on Thursday. L3Harris Technologies Inc has a 12 month low of $249.11 and a 12 month high of $379.23. The stock has a market cap of $54.45 billion, a P/E ratio of 31.74, a P/E/G ratio of 1.47 and a beta of 0.51. The stock's fifty day moving average price is $307.25 and its 200-day moving average price is $328.99. The company has a current ratio of 1.03, a quick ratio of 0.89 and a debt-to-equity ratio of 0.47.

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 (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.19. The firm had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.42 billion. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.L3Harris Technologies's quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.41 EPS. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. As a group, equities analysts forecast that L3Harris Technologies Inc will post 11.52 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $5.00 annualized dividend and a yield of 1.7%. L3Harris Technologies's payout ratio is 54.29%.

About L3Harris Technologies

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.