L3Harris Technologies Inc $LHX Shares Purchased by Leith Wheeler Investment Counsel Ltd.

Key Points

• Leith Wheeler Investment Counsel Ltd. increased its stake in L3Harris Technologies Inc by 3.7%, acquiring a total of 183,135 shares valued at approximately $45.9 million, making it the 12th largest holding in their portfolio.
• CEO Christopher E. Kubasik sold 83,000 shares of L3Harris stock for over $23 million, reducing his ownership by 36.31% and leaving him with approximately $40.7 million worth of shares.
• L3Harris Technologies reported better-than-expected earnings with $2.78 EPS and total revenue of $5.43 billion for the quarter, exceeding analysts' estimates.

Leith Wheeler Investment Counsel Ltd. boosted its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 183,135 shares of the company's stock after acquiring an additional 6,557 shares during the period. L3Harris Technologies comprises 2.7% of Leith Wheeler Investment Counsel Ltd.'s portfolio, making the stock its 12th largest holding. Leith Wheeler Investment Counsel Ltd. owned approximately 0.10% of L3Harris Technologies worth $45,938,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LHX. Clearstead Trust LLC acquired a new position in L3Harris Technologies during the first quarter worth about $26,000. Nova Wealth Management Inc. acquired a new position in L3Harris Technologies during the first quarter worth about $26,000. Beacon Capital Management LLC raised its position in L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Independence Bank of Kentucky raised its position in L3Harris Technologies by 44.4% during the second quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock worth $33,000 after acquiring an additional 40 shares during the last quarter. Finally, Cornerstone Planning Group LLC raised its position in L3Harris Technologies by 323.3% during the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after acquiring an additional 139 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $279.90, for a total value of $23,231,700.00. Following the completion of the sale, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 195,138 shares of company stock valued at $53,571,774 in the last ninety days. 0.72% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

LHX has been the subject of a number of research reports. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Citigroup lifted 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. Weiss Ratings reissued a "buy (b-)" rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Royal Bank Of Canada boosted their price objective on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Finally, Susquehanna boosted their price objective on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $278.19.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $292.45 on Monday. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $308.12. The firm has a 50 day moving average price of $281.74 and a 200 day moving average price of $253.22. The company has a market cap of $54.72 billion, a price-to-earnings ratio of 32.68, a PEG ratio of 2.14 and a beta of 0.76. 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 (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the firm earned $3.24 earnings per share. L3Harris Technologies'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 predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Investors of record on Friday, September 5th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, September 5th. L3Harris Technologies's payout ratio is presently 53.63%.

L3Harris Technologies 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.

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