L3Harris Technologies Inc $LHX Holdings Decreased by Brookstone Capital Management

Key Points

• Brookstone Capital Management has reduced its stake in L3Harris Technologies Inc by 12.4%, owning 10,675 shares valued at $2.68 million.
• The company reported impressive earnings with $2.78 EPS for the quarter, exceeding estimates and showing a 2.4% increase in revenue year-over-year.
• A quarterly dividend of $1.20 will be paid on December 5th, representing an annualized yield of 1.6% with a payout ratio of 53.63%.

Brookstone Capital Management reduced its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 12.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,675 shares of the company's stock after selling 1,508 shares during the quarter. Brookstone Capital Management's holdings in L3Harris Technologies were worth $2,678,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of LHX. Clearstead Trust LLC bought a new stake in shares of L3Harris Technologies during the first quarter valued at about $26,000. Nova Wealth Management Inc. bought a new stake in shares of L3Harris Technologies during the first quarter valued at about $26,000. Kiker Wealth Management LLC raised its stake in shares of L3Harris Technologies by 137.0% during the second quarter. Kiker Wealth Management LLC now owns 109 shares of the company's stock valued at $27,000 after purchasing an additional 63 shares in the last quarter. Harbor Asset Planning Inc. bought a new stake in shares of L3Harris Technologies during the second quarter valued at about $32,000. Finally, Independence Bank of Kentucky raised its stake in shares of L3Harris Technologies by 44.4% during the second quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock valued at $33,000 after purchasing an additional 40 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Stock Performance

Shares of LHX opened at $293.22 on Friday. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $308.12. The company has a 50-day moving average of $285.35 and a two-hundred day moving average of $258.41. The stock has a market cap of $54.86 billion, a price-to-earnings ratio of 32.76, a PEG ratio of 2.14 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping 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 company had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same period last year, the company posted $3.24 earnings per share. The business's revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Monday, November 17th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Monday, November 17th. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at $40,747,282.20. The trade was a 36.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 195,138 shares of company stock worth $53,571,774. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Morgan Stanley boosted their price target on shares of L3Harris Technologies from $250.00 to $350.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 15th. Royal Bank Of Canada boosted their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Susquehanna boosted their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Finally, UBS Group boosted their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, L3Harris Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $287.63.

About L3Harris Technologies

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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