Korea Investment CORP Raises Stake in L3Harris Technologies Inc $LHX

Key Points

• Korea Investment CORP increased its stake in L3Harris Technologies by 10.0%, owning approximately $28.09 million worth of shares as of its latest SEC filing.
• L3Harris Technologies reported a quarterly earnings per share (EPS) of $2.78, exceeding analysts' expectations of $2.48, with revenue also surpassing estimates.
• The company declared a quarterly dividend of $1.20 per share, with an annualized yield of 1.8%, scheduled for payment on September 22nd.

Korea Investment CORP increased its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 10.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,188 shares of the company's stock after acquiring an additional 12,173 shares during the period. Korea Investment CORP owned approximately 0.07% of L3Harris Technologies worth $28,087,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of L3Harris Technologies by 5.0% in the first quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock worth $491,323,000 after purchasing an additional 112,271 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in 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 period. Northern Trust Corp raised its position in L3Harris Technologies by 7.7% during the 4th quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock worth $342,975,000 after buying an additional 116,266 shares during the last quarter. Nuveen LLC acquired a new stake in L3Harris Technologies during the 1st quarter valued at approximately $299,157,000. Finally, Nuveen Asset Management LLC boosted its holdings in shares of 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 during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Down 0.3%

NYSE:LHX traded down $0.7820 during trading hours on Friday, hitting $275.3280. The company had a trading volume of 754,919 shares, compared to its average volume of 1,213,427. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52. The company has a market cap of $51.51 billion, a P/E ratio of 30.76, a P/E/G ratio of 2.02 and a beta of 0.77. The company has a 50-day moving average of $263.52 and a 200 day moving average of $233.89. The company has a current ratio of 1.04, a quick ratio of 0.87 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, topping analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter last year, the firm earned $3.24 EPS. The business's revenue was up 2.4% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Sell-side analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders 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 yield of 1.7%. L3Harris Technologies's dividend payout ratio is 53.63%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday. Robert W. Baird increased their price target on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Truist Financial boosted their price objective on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Barclays upped their target price on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Finally, UBS Group lifted their price target on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Activity

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

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.