Ancora Advisors LLC Sells 3,757 Shares of L3Harris Technologies Inc $LHX

Key Points

• Ancora Advisors LLC reduced its stake in L3Harris Technologies Inc by 10.3%, now holding 32,745 shares valued at approximately $6.85 million.
• Recent analyst reports increased L3Harris's price targets significantly, with Citigroup raising it to $323.00, indicating strong market confidence.
• The company reported stronger than expected quarterly earnings with EPS of $2.78, surpassing forecasts of $2.48, alongside a revenue increase of 2.4% year-over-year.

Ancora Advisors LLC cut its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,745 shares of the company's stock after selling 3,757 shares during the quarter. Ancora Advisors LLC's holdings in L3Harris Technologies were worth $6,854,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of LHX. Clearstead Trust LLC bought a new stake in shares of L3Harris Technologies in the 1st quarter valued at approximately $26,000. Beacon Capital Management LLC increased its position in shares of L3Harris Technologies by 79.5% during the first 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 period. Park Square Financial Group LLC bought a new stake in L3Harris Technologies in the fourth quarter valued at $37,000. Cornerstone Planning Group LLC grew its holdings in shares of 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 purchasing an additional 139 shares during the last quarter. Finally, WPG Advisers LLC bought a new stake in shares of L3Harris Technologies during the first quarter worth $39,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 145,199 shares of company stock valued at $38,555,071 in the last quarter. 0.72% of the stock is owned by insiders.

L3Harris Technologies Stock Up 0.4%

LHX stock traded up $1.12 on Monday, reaching $273.51. 1,193,516 shares of the company traded hands, compared to its average volume of 1,407,697. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $280.52. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The company has a market cap of $51.17 billion, a P/E ratio of 30.56, a price-to-earnings-growth ratio of 1.99 and a beta of 0.76. The firm has a fifty day simple moving average of $268.92 and a 200-day simple moving average of $239.33.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping 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%.The company's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Research analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business 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. The ex-dividend date is Friday, September 5th. This represents a $4.80 annualized dividend and a yield of 1.8%. L3Harris Technologies's payout ratio is 53.63%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LHX. Robert W. Baird increased their target price on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Susquehanna boosted their price target on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. Royal Bank Of Canada increased their target price on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Citigroup raised their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $279.47.

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.