Ameriprise Financial Inc. Trims Position in L3Harris Technologies Inc $LHX

Key Points

• Ameriprise Financial Inc. decreased its stake in L3Harris Technologies by 45.9%, now holding 669,078 shares after selling 568,575 shares.
• L3Harris Technologies reported $2.78 earnings per share for its latest quarter, exceeding analyst expectations of $2.48.
• The company announced a quarterly dividend of $1.20, equating to an annualized yield of 1.7%, with the dividend payment date set for September 22nd.

Ameriprise Financial Inc. lessened its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 45.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 669,078 shares of the company's stock after selling 568,575 shares during the quarter. Ameriprise Financial Inc. owned 0.36% of L3Harris Technologies worth $140,056,000 as of its most recent SEC filing.

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

L3Harris Technologies Trading Up 0.1%

Shares of L3Harris Technologies stock traded up $0.25 on Thursday, hitting $277.01. The stock had a trading volume of 432,998 shares, compared to its average volume of 1,412,663. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The stock has a market cap of $51.83 billion, a price-to-earnings ratio of 30.96, a PEG ratio of 2.03 and a beta of 0.77. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock's 50-day simple moving average is $265.19 and its two-hundred day simple moving average is $235.16.

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

L3Harris Technologies Announces Dividend

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

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 40,138 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $269.52, for a total transaction of $10,817,993.76. Following the completion of the sale, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $39,236,182.56. The trade was a 21.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 145,199 shares of company stock worth $38,555,071 in the last three months. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of recent analyst reports. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Truist Financial boosted their price target on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Citigroup boosted their price target on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Robert W. Baird boosted their price target on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Barclays boosted their price target on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $279.47.

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.