Hsbc Holdings PLC Sells 15,247 Shares of L3Harris Technologies Inc $LHX

Key Points

• Hsbc Holdings PLC reduced its stake in L3Harris Technologies Inc by 4.4%, owning approximately 334,248 shares valued at $69.8 million after selling 15,247 shares.
• Insider CEO Christopher E. Kubasik sold 72,000 shares for over $19.5 million, reducing his ownership by 33.09%, while other insiders have also sold shares recently.
• Analysts have mixed views on L3Harris, with several firms raising their price targets, while Wall Street Zen downgraded the stock from "buy" to "hold".

Hsbc Holdings PLC trimmed its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 4.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 334,248 shares of the company's stock after selling 15,247 shares during the quarter. Hsbc Holdings PLC owned approximately 0.18% of L3Harris Technologies worth $69,848,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Oppenheimer Asset Management Inc. grew its holdings in shares of L3Harris Technologies by 5.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock worth $926,000 after acquiring an additional 216 shares during the last quarter. BankPlus Wealth Management LLC boosted its position in shares of L3Harris Technologies by 6.0% in the first quarter. BankPlus Wealth Management LLC now owns 2,061 shares of the company's stock worth $432,000 after buying an additional 117 shares during the period. D. E. Shaw & Co. Inc. boosted its position in shares of L3Harris Technologies by 21.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company's stock worth $1,488,000 after buying an additional 1,236 shares during the period. Brighton Jones LLC boosted its position in shares of L3Harris Technologies by 233.9% in the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after buying an additional 3,001 shares during the period. Finally, Capital Analysts LLC boosted its position in shares of L3Harris Technologies by 4.2% in the fourth quarter. Capital Analysts LLC now owns 44,510 shares of the company's stock worth $9,360,000 after buying an additional 1,808 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Stock Up 0.0%

NYSE LHX traded up $0.08 during trading on Tuesday, hitting $276.25. 224,191 shares of the company traded hands, compared to its average volume of 1,414,661. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52. The business has a fifty day simple moving average of $264.09 and a 200 day simple moving average of $234.57. 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 $51.68 billion, a P/E ratio of 30.87, a PEG ratio of 2.02 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data 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 for 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 firm's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.24 earnings per share. 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 Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on LHX. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday. Citigroup lifted their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday, July 25th. UBS Group lifted their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Susquehanna lifted their price objective on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Finally, Barclays raised their target price on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report 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's stock. According to MarketBeat, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies 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 approximately $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 145,199 shares of company stock valued at $38,555,071 in the last 90 days. Insiders own 0.72% of the company's stock.

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.