L3Harris Technologies Inc $LHX Stock Position Raised by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. increased its stake in L3Harris Technologies by 7.3%, owning 264,412 shares valued at approximately $55.34 million.
• L3Harris reported earnings per share (EPS) of $2.78 for the last quarter, beating the estimate of $2.48, and set a FY 2025 EPS guidance at 10.400-10.600.
• The company announced a quarterly dividend of $1.20 per share, representing an annual yield of 1.7%, with an upcoming payment date on September 22nd.

1832 Asset Management L.P. grew its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 264,412 shares of the company's stock after buying an additional 18,000 shares during the quarter. 1832 Asset Management L.P. owned 0.14% of L3Harris Technologies worth $55,344,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Clearstead Trust LLC purchased a new position in shares of L3Harris Technologies in the first quarter valued at $26,000. Beacon Capital Management LLC increased its position in L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in L3Harris Technologies during the 4th quarter worth about $37,000. Cornerstone Planning Group LLC increased its position in L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after purchasing an additional 139 shares in the last quarter. Finally, ORG Wealth Partners LLC purchased a new stake in L3Harris Technologies during the 1st quarter worth about $42,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 40,138 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $269.52, for a total value of $10,817,993.76. Following the completion of the sale, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $39,236,182.56. This represents a 21.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last three months, insiders sold 145,199 shares of company stock valued at $38,555,071. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Trading Down 0.3%

Shares of NYSE:LHX traded down $0.81 during midday trading on Wednesday, reaching $276.85. The company had a trading volume of 741,258 shares, compared to its average volume of 1,417,895. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52. The firm has a market cap of $51.80 billion, a price-to-earnings ratio of 30.93, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. The company has a fifty day simple moving average of $264.63 and a two-hundred day simple moving average of $234.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.L3Harris Technologies's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on LHX. Barclays lifted their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Citigroup raised their target price on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Truist Financial raised their price target on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Finally, Susquehanna raised their price target on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a report on Friday, July 25th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

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.