1,167 Shares in L3Harris Technologies Inc (NYSE:LHX) Purchased by Founders Financial Alliance LLC

Key Points

• Founders Financial Alliance LLC has invested approximately $244,000 in L3Harris Technologies, acquiring 1,167 shares of the stock.
• Insider sales alert: CEO Christopher E. Kubasik sold 72,000 shares valued at over $19 million, reducing his ownership by 33.09%.
• L3Harris Technologies reported a quarterly EPS of $2.78, surpassing analysts' expectations and showing a year-over-year revenue growth of 2.4%.

Founders Financial Alliance LLC bought a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,167 shares of the company's stock, valued at approximately $244,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its stake in L3Harris Technologies by 15.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after buying an additional 311,886 shares during the period. Northern Trust Corp boosted its position in shares of L3Harris Technologies by 7.7% in the 4th quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock worth $342,975,000 after purchasing an additional 116,266 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of L3Harris Technologies by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,412,818 shares of the company's stock worth $297,087,000 after purchasing an additional 14,344 shares in the last quarter. Nuveen Asset Management LLC lifted its position in L3Harris Technologies by 13.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,342,639 shares of the company's stock valued at $282,330,000 after acquiring an additional 157,992 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 7.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,262,240 shares of the company's stock valued at $264,199,000 after buying an additional 89,722 shares during the period. Institutional investors own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on LHX. Wall Street Zen lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Barclays raised their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Truist Financial lifted their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Citigroup boosted their price objective on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, Robert W. Baird upped their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Buying and Selling

In related news, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Christopher E. Kubasik sold 40,138 shares of L3Harris Technologies stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $269.52, for a total value of $10,817,993.76. Following the sale, the chief executive officer directly owned 145,578 shares in the company, valued at $39,236,182.56. The trade was a 21.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 147,199 shares of company stock worth $39,045,071. Company insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded up $0.95 during midday trading on Thursday, hitting $271.17. The company had a trading volume of 984,653 shares, compared to its average volume of 1,463,510. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52. 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 business's 50 day simple moving average is $260.46 and its two-hundred day simple moving average is $231.17. The stock has a market cap of $50.74 billion, a PE ratio of 30.30, a P/E/G ratio of 1.98 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The company had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The business's revenue was up 2.4% on a year-over-year basis. During the same period last year, the business earned $3.24 earnings per share. As a group, equities analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

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

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.