L3Harris Technologies Inc $LHX Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp has decreased its holdings in L3Harris Technologies by 6.6%, bringing their total ownership to 28,530 shares valued at approximately $7.16 million.
• CEO Christopher E. Kubasik sold 83,000 shares of L3Harris stock for over $23 million, representing a 36.31% decrease in his ownership stake.
• L3Harris Technologies reported a net margin of 7.94% and a revenue increase of 2.4% year-over-year, with earnings per share of $2.78 for the recent quarter.

Fifth Third Bancorp trimmed its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 6.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,530 shares of the company's stock after selling 2,025 shares during the period. Fifth Third Bancorp's holdings in L3Harris Technologies were worth $7,156,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Forte Capital LLC ADV lifted its stake in shares of L3Harris Technologies by 1.4% during the second quarter. Forte Capital LLC ADV now owns 4,171 shares of the company's stock valued at $1,046,000 after buying an additional 59 shares during the period. Town & Country Bank & Trust CO dba First Bankers Trust CO raised its holdings in L3Harris Technologies by 1.3% in the 2nd quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 14,949 shares of the company's stock valued at $3,750,000 after acquiring an additional 196 shares during the last quarter. CHICAGO TRUST Co NA lifted its stake in shares of L3Harris Technologies by 79.3% during the 2nd quarter. CHICAGO TRUST Co NA now owns 4,476 shares of the company's stock worth $1,123,000 after purchasing an additional 1,979 shares during the period. Gries Financial LLC boosted its holdings in shares of L3Harris Technologies by 164.4% during the second quarter. Gries Financial LLC now owns 11,928 shares of the company's stock worth $2,992,000 after purchasing an additional 7,417 shares during the last quarter. Finally, Golden State Equity Partners purchased a new stake in shares of L3Harris Technologies in the second quarter valued at $282,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares in the company, valued at $40,747,282.20. This represents a 36.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 195,138 shares of company stock worth $53,571,774. Insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $289.25 on Friday. 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 cap of $54.12 billion, a PE ratio of 32.32, a P/E/G ratio of 2.08 and a beta of 0.76. The company's fifty day simple moving average is $275.32 and its 200-day simple moving average is $245.98. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $290.90.

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 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 firm had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same period in the prior year, the company earned $3.24 EPS. The firm'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, equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

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 dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, September 5th. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

Analyst Ratings Changes

Several research firms recently weighed in on LHX. Truist Financial increased their target price on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Robert W. Baird increased their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Royal Bank Of Canada increased their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.

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