L3Harris Technologies Inc $LHX Shares Sold by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions Inc. reduced its holdings in L3Harris Technologies by 3.9%, now owning 46,302 shares valued at approximately $11.6 million.
• L3Harris Technologies' stock has an average rating of "Moderate Buy" with an average price target of $278.19 from analysts.
• The company recently declared a quarterly dividend of $1.20 per share, reflecting a 1.6% dividend yield, to be paid on December 5th.

Envestnet Portfolio Solutions Inc. cut its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 46,302 shares of the company's stock after selling 1,900 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in L3Harris Technologies were worth $11,615,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of LHX. Clearstead Trust LLC acquired a new position in shares of L3Harris Technologies in the 1st quarter valued at about $26,000. Nova Wealth Management Inc. acquired a new position in shares of L3Harris Technologies in the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its holdings in shares of L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the period. Independence Bank of Kentucky boosted its holdings in shares of L3Harris Technologies by 44.4% in the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock valued at $33,000 after buying an additional 40 shares during the period. Finally, Cornerstone Planning Group LLC boosted its holdings in shares of L3Harris Technologies by 323.3% in the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after buying an additional 139 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LHX has been the topic of several recent research reports. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of L3Harris Technologies in a research report on Wednesday, October 8th. Truist Financial lifted their price objective on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Citigroup lifted their price objective on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $278.19.

L3Harris Technologies Stock Up 0.4%

LHX stock opened at $293.44 on Tuesday. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $308.12. The company has a market capitalization of $54.90 billion, a price-to-earnings ratio of 32.79, a price-to-earnings-growth ratio of 2.14 and a beta of 0.76. The firm's 50-day moving average is $282.05 and its two-hundred day moving average is $253.82. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly 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. 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 for the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the firm 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. On average, analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Monday, November 17th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Monday, November 17th. L3Harris Technologies's payout ratio is 53.63%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies 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 transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at $40,747,282.20. The trade was a 36.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have 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.

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