Geode Capital Management LLC Boosts Position in L3Harris Technologies Inc $LHX

Key Points

• Geode Capital Management increased its L3Harris Technologies stake by 2.1% in the fourth quarter, bringing its holding to 5.15 million shares worth about $1.51 billion.
• L3Harris reported strong quarterly results, with EPS of $2.72 and revenue of $5.74 billion, both ahead of analyst estimates and up 11.9% year over year.
• The company announced a quarterly dividend of $1.25 per share, and analysts currently view the stock as a Moderate Buy with an average price target of $354.75.

Geode Capital Management LLC increased its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 2.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,146,713 shares of the company's stock after buying an additional 106,430 shares during the period. Geode Capital Management LLC owned 2.75% of L3Harris Technologies worth $1,505,444,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in LHX. Victory Capital Management Inc. increased its stake in L3Harris Technologies by 1,053.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company's stock worth $360,964,000 after buying an additional 1,079,474 shares during the period. Artisan Partners Limited Partnership purchased a new position in L3Harris Technologies in the 3rd quarter worth about $211,703,000. Two Sigma Investments LP increased its stake in L3Harris Technologies by 560.7% in the 3rd quarter. Two Sigma Investments LP now owns 614,287 shares of the company's stock worth $187,609,000 after buying an additional 521,312 shares during the period. M&T Bank Corp increased its stake in L3Harris Technologies by 3,127.8% in the 4th quarter. M&T Bank Corp now owns 408,740 shares of the company's stock worth $119,994,000 after buying an additional 396,077 shares during the period. Finally, Balyasny Asset Management L.P. increased its stake in L3Harris Technologies by 42.0% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,101,285 shares of the company's stock worth $336,343,000 after buying an additional 325,963 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Up 1.8%

NYSE LHX opened at $314.63 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.89 and a current ratio of 1.03. The company has a market capitalization of $58.61 billion, a price-to-earnings ratio of 34.16, a price-to-earnings-growth ratio of 1.56 and a beta of 0.51. The company's 50-day simple moving average is $332.48 and its two-hundred day simple moving average is $325.99. L3Harris Technologies Inc has a one year low of $237.56 and a one year high of $379.23.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported $2.72 EPS for the quarter, beating analysts' consensus estimates of $2.53 by $0.19. The business had revenue of $5.74 billion for the quarter, compared to the consensus estimate of $5.42 billion. L3Harris Technologies had a net margin of 7.71% and a return on equity of 10.65%. The company's revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the firm posted $2.41 EPS. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. 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 disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Friday, June 5th will be given a $1.25 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.6%. L3Harris Technologies's payout ratio is presently 54.29%.

Insider Transactions at L3Harris Technologies

In other news, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $2,047,128.96. Following the transaction, the insider owned 7,660 shares of the company's stock, valued at $2,836,651.20. The trade was a 41.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Melanie Rakita sold 2,180 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $310.45, for a total transaction of $676,781.00. Following the completion of the transaction, the vice president directly owned 4,192 shares in the company, valued at approximately $1,301,406.40. The trade was a 34.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 13,987 shares of company stock valued at $5,049,149 in the last 90 days. Insiders own 0.68% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on LHX. Argus raised shares of L3Harris Technologies to a "strong-buy" rating in a research note on Friday, February 27th. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, April 11th. Citigroup raised their target price on shares of L3Harris Technologies from $389.00 to $418.00 and gave the company a "buy" rating in a research report on Thursday, February 5th. UBS Group cut their target price on shares of L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating on the stock in a research report on Friday, May 1st. Finally, Weiss Ratings raised shares of L3Harris Technologies from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $354.75.

L3Harris Technologies Profile

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.

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