L3Harris Technologies Inc $LHX Position Trimmed by Washington Trust Bank

Key Points

• Washington Trust Bank trimmed its L3Harris Technologies stake by 19.9% in the fourth quarter, selling 10,901 shares and leaving it with 43,871 shares valued at about $12.9 million.
• L3Harris reported stronger-than-expected quarterly results, with EPS of $2.72 topping estimates and revenue of $5.74 billion, up 11.9% year over year. The company also reaffirmed full-year guidance of $11.40-$11.60 EPS.
• The company declared a quarterly dividend of $1.25 per share, or $5.00 annually, for a 1.7% yield. Meanwhile, analysts currently rate the stock a Moderate Buy with an average target price of $354.75.

Washington Trust Bank trimmed its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 19.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,871 shares of the company's stock after selling 10,901 shares during the period. Washington Trust Bank's holdings in L3Harris Technologies were worth $12,879,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in L3Harris Technologies by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 23,410,806 shares of the company's stock worth $6,872,710,000 after buying an additional 190,955 shares in the last quarter. Bank of America Corp DE boosted its holdings in L3Harris Technologies by 3.1% during the second quarter. Bank of America Corp DE now owns 1,728,519 shares of the company's stock worth $433,582,000 after buying an additional 52,776 shares in the last quarter. Capital Research Global Investors boosted its holdings in L3Harris Technologies by 23.3% during the third quarter. Capital Research Global Investors now owns 1,657,085 shares of the company's stock worth $506,090,000 after buying an additional 312,846 shares in the last quarter. AGF Management Ltd. boosted its holdings in L3Harris Technologies by 15.9% during the third quarter. AGF Management Ltd. now owns 1,500,887 shares of the company's stock worth $458,386,000 after buying an additional 205,479 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in L3Harris Technologies by 2.6% during the third quarter. Dimensional Fund Advisors LP now owns 1,440,599 shares of the company's stock worth $439,920,000 after buying an additional 35,951 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Trading Up 0.9%

Shares of NYSE:LHX opened at $302.46 on Tuesday. The firm has a fifty day moving average of $347.15 and a two-hundred day moving average of $324.20. The firm has a market capitalization of $56.34 billion, a P/E ratio of 32.84, a price-to-earnings-growth ratio of 1.51 and a beta of 0.51. L3Harris Technologies Inc has a 12-month low of $214.10 and a 12-month high of $379.23. The company has a quick ratio of 0.89, a current ratio of 1.03 and a debt-to-equity ratio of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.53 by $0.19. The company had revenue of $5.74 billion during the quarter, compared to analyst estimates 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 business posted $2.41 EPS. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. On average, equities analysts expect that L3Harris Technologies Inc will post 11.56 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, June 5th will be paid a dividend of $1.25 per share. 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 1.7%. L3Harris Technologies's dividend payout ratio (DPR) is 54.29%.

Insider Activity at L3Harris Technologies

In related news, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction 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 completion of the sale, the insider owned 7,660 shares of the company's stock, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their position. The transaction was disclosed in a document filed 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 on Tuesday, May 5th. The shares were sold at an average price of $310.45, for a total transaction of $676,781.00. Following the completion of the sale, the vice president directly owned 4,192 shares of the company's stock, valued at approximately $1,301,406.40. The trade was a 34.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 16,365 shares of company stock valued at $5,861,117. Insiders own 0.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on LHX shares. UBS Group decreased their price objective on shares of L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating for the company in a research note on Friday, May 1st. Citigroup raised their price objective on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a "buy" rating in a research note on Thursday, February 5th. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, April 11th. Weiss Ratings lowered shares of L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, April 29th. Finally, Morgan Stanley raised their price objective on shares of L3Harris Technologies from $367.00 to $390.00 and gave the stock an "overweight" rating in a research note on Monday, February 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $354.75.

L3Harris Technologies Company 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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