IFP Advisors Inc Sells 4,702 Shares of L3Harris Technologies Inc $LHX

Key Points

• IFP Advisors Inc reduced its stake in L3Harris Technologies Inc by 56.4% during Q2, selling 4,702 shares, bringing its total ownership to 3,635 shares valued at approximately $912,000.
• CEO Christopher E. Kubasik sold 83,000 shares on September 12th for about $23.2 million, decreasing his ownership by 36.31% and leaving him with approximately $40.7 million in shares.
• The company's quarterly earnings beat estimates, reporting $2.78 EPS and revenue of $5.43 billion, with guidance for FY 2025 set between 10.400-10.600 EPS.

IFP Advisors Inc lowered its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 56.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,635 shares of the company's stock after selling 4,702 shares during the quarter. IFP Advisors Inc's holdings in L3Harris Technologies were worth $912,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Clearstead Trust LLC bought a new position in shares of L3Harris Technologies during the 1st quarter valued at $26,000. Nova Wealth Management Inc. bought a new position in L3Harris Technologies in the 1st quarter worth $26,000. Beacon Capital Management LLC raised its holdings in L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the period. Independence Bank of Kentucky raised its holdings in L3Harris Technologies by 44.4% in the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock worth $33,000 after acquiring an additional 40 shares during the period. Finally, Cornerstone Planning Group LLC raised its holdings in L3Harris Technologies by 323.3% in the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after acquiring an additional 139 shares during the period. Institutional investors own 84.76% of the company's stock.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the business's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $279.90, for a total value of $23,231,700.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 195,138 shares of company stock valued at $53,571,774 over the last ninety days. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on LHX. Royal Bank Of Canada lifted their target price on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Weiss Ratings reiterated a "buy (b-)" rating on shares of L3Harris Technologies in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of L3Harris Technologies in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Finally, UBS Group lifted their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $278.19.

L3Harris Technologies Trading Up 0.4%

Shares of LHX stock opened at $293.44 on Tuesday. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $308.12. The company has a market capitalization of $54.90 billion, a P/E ratio of 32.79, a P/E/G ratio of 2.14 and a beta of 0.76. The firm has a 50-day moving average price of $282.05 and a 200 day moving average price of $253.82. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (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 during the quarter, compared to the consensus estimate of $5.31 billion. During the same period last year, the firm posted $3.24 EPS. The firm'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. Research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. L3Harris Technologies's dividend payout ratio is presently 53.63%.

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.

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