L3Harris Technologies Inc $LHX Shares Sold by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management cut its L3Harris Technologies stake by 88.8% in the fourth quarter, selling 194,270 shares and leaving it with 24,609 shares worth about $7.28 million.
• L3Harris reported strong quarterly results, with EPS of $2.72 beating estimates of $2.53 and revenue of $5.74 billion topping expectations; revenue rose 11.9% year over year.
• The company also announced a quarterly dividend of $1.25 per share, payable June 26, representing a $5.00 annualized payout and a 1.6% yield.

Rakuten Investment Management Inc. reduced its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 88.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,609 shares of the company's stock after selling 194,270 shares during the period. Rakuten Investment Management Inc.'s holdings in L3Harris Technologies were worth $7,283,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Korea Investment CORP raised its holdings in L3Harris Technologies by 11.2% during the 3rd quarter. Korea Investment CORP now owns 153,567 shares of the company's stock worth $46,901,000 after buying an additional 15,408 shares during the period. Allstate Corp raised its holdings in L3Harris Technologies by 106.7% during the 4th quarter. Allstate Corp now owns 13,985 shares of the company's stock worth $4,106,000 after buying an additional 7,219 shares during the period. Neo Ivy Capital Management acquired a new stake in L3Harris Technologies during the 3rd quarter worth about $1,203,000. Munich Reinsurance Co Stock Corp in Munich acquired a new stake in L3Harris Technologies during the 3rd quarter worth about $72,446,000. Finally, Jain Global LLC raised its holdings in L3Harris Technologies by 469.1% during the 3rd quarter. Jain Global LLC now owns 45,861 shares of the company's stock worth $14,006,000 after buying an additional 37,803 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on LHX shares. UBS Group reduced their price target on shares of L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating for the company in a research report on Friday, May 1st. Weiss Ratings upgraded shares of L3Harris Technologies from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 13th. Sanford C. Bernstein reduced their price target on shares of L3Harris Technologies to $405.00 and set an "outperform" rating for the company in a research report on Monday, May 4th. Argus upgraded shares of L3Harris Technologies to a "strong-buy" rating in a research report on Friday, February 27th. Finally, Truist Financial raised L3Harris Technologies to a "strong-buy" rating in a research note on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $354.75.

Insider Activity at L3Harris Technologies

In other news, VP Melanie Rakita sold 2,180 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $310.45, for a total transaction of $676,781.00. Following the completion of the transaction, the vice president directly owned 4,192 shares in the company, valued at $1,301,406.40. The trade was a 34.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.68% of the stock is currently owned by company insiders.

L3Harris Technologies Stock Up 2.2%

LHX opened at $310.95 on Wednesday. The business has a 50 day moving average price of $320.96 and a 200 day moving average price of $327.93. L3Harris Technologies Inc has a twelve month low of $243.84 and a twelve month high of $379.23. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.89 and a current ratio of 1.03. The firm has a market cap of $57.93 billion, a P/E ratio of 33.76, a price-to-earnings-growth ratio of 1.54 and a beta of 0.50.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.19. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.The firm had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.42 billion. During the same period in the previous year, the company earned $2.41 EPS. The company's revenue for the quarter was up 11.9% on a year-over-year basis. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. Research analysts forecast that L3Harris Technologies Inc will post 11.52 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, June 5th. L3Harris Technologies's payout ratio is 54.29%.

L3Harris Technologies Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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