L3Harris Technologies Inc $LHX Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in L3Harris Technologies by 38.7% during the second quarter, holding 1,422,221 shares worth approximately $358.7 million by the end of the reporting period.
• L3Harris Technologies reported $2.78 earnings per share for the most recent quarter, surpassing analyst expectations of $2.48 and displaying a 2.4% increase in year-over-year revenue.
• The company declared a quarterly dividend of $1.20 per share, representing a yield of 1.6%, with a current dividend payout ratio of 53.63%.

Allspring Global Investments Holdings LLC decreased its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 38.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,422,221 shares of the company's stock after selling 899,103 shares during the quarter. L3Harris Technologies comprises about 0.6% of Allspring Global Investments Holdings LLC's investment portfolio, making the stock its 26th largest holding. Allspring Global Investments Holdings LLC owned about 0.76% of L3Harris Technologies worth $358,656,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of LHX. Brighton Jones LLC boosted its holdings in shares of L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after acquiring an additional 3,001 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of L3Harris Technologies by 21.3% during the first quarter. Farther Finance Advisors LLC now owns 1,672 shares of the company's stock valued at $351,000 after acquiring an additional 294 shares during the period. CX Institutional acquired a new position in shares of L3Harris Technologies during the first quarter valued at $162,000. Simon Quick Advisors LLC acquired a new position in shares of L3Harris Technologies during the first quarter valued at $319,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of L3Harris Technologies during the first quarter valued at $159,000. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $292.45 on Monday. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $308.12. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The company has a market capitalization 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 firm has a 50-day moving average of $281.74 and a two-hundred day moving average of $253.22.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued 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. 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 the consensus estimate of $5.31 billion. During the same period in the prior year, the company earned $3.24 EPS. L3Harris Technologies's revenue 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 expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 22nd. Shareholders 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 of this dividend was Friday, September 5th. L3Harris Technologies's dividend payout ratio is presently 53.63%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Robert W. Baird lifted their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Barclays lifted their price objective on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Weiss Ratings restated a "buy (b-)" rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of L3Harris Technologies in a research note on Wednesday. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $278.19.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the business's 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 sale, the chief executive officer owned 145,578 shares in the company, valued at approximately $40,747,282.20. The trade was a 36.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 195,138 shares of company stock worth $53,571,774. 0.72% of the stock is currently owned by insiders.

L3Harris Technologies Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.