GDS Wealth Management Has $17.58 Million Position in L3Harris Technologies Inc $LHX

Key Points

• GDS Wealth Management increased its position in L3Harris Technologies by 5.6%, owning 84,007 shares valued at approximately $17.58 million, making it the fund's 22nd largest investment.
• Analyst upgrades for L3Harris Technologies have led to revised price targets, with firms like Citigroup raising it from $300 to $323, reflecting strong market confidence in the stock.
• L3Harris Technologies reported Q2 earnings of $2.78 EPS, exceeding estimates, alongside revenue of $5.43 billion, and announced a quarterly dividend of $1.20 per share.

GDS Wealth Management raised its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 5.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,007 shares of the company's stock after purchasing an additional 4,422 shares during the quarter. L3Harris Technologies makes up approximately 1.5% of GDS Wealth Management's holdings, making the stock its 22nd biggest position. GDS Wealth Management's holdings in L3Harris Technologies were worth $17,584,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in L3Harris Technologies by 12.2% in the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after buying an additional 557,610 shares during the last quarter. Invesco Ltd. grew its position in 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 acquiring an additional 112,271 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after purchasing an additional 311,886 shares during the last quarter. Northern Trust Corp raised its holdings in shares of L3Harris Technologies by 7.7% during the 4th quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock valued at $342,975,000 after purchasing an additional 116,266 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of L3Harris Technologies in the 1st quarter valued at $299,157,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,138 shares of the business's stock in a transaction 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 sale, the chief executive officer owned 145,578 shares of the company's stock, valued at $39,236,182.56. The trade was a 21.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction 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 quarter. Corporate insiders own 0.72% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Citigroup increased their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Barclays increased their price objective on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Truist Financial boosted their target price on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Susquehanna upped their target price on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Finally, Robert W. Baird lifted their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Stock Performance

Shares of NYSE LHX traded up $0.37 during mid-day trading on Monday, hitting $276.14. The company had a trading volume of 223,792 shares, compared to its average volume of 1,419,241. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52. The firm has a market cap of $51.67 billion, a P/E ratio of 30.86, a PEG ratio of 2.02 and a beta of 0.77. The business's 50-day simple moving average is $263.52 and its 200-day simple moving average is $234.08. 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 posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The firm had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same quarter in the prior year, the firm posted $3.24 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal 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 payout ratio is currently 53.63%.

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.