Trexquant Investment LP Decreases Position in L3Harris Technologies Inc $LHX

Key Points

• Trexquant Investment LP significantly reduced its stake in L3Harris Technologies by 90%, selling 91,121 shares and now holding only 10,072 shares, valued at approximately $2.1 million.
• CEO Christopher E. Kubasik sold 40,138 shares of L3Harris, which constitutes a 21.61% decrease in his ownership of the company.
• Despite recent sell-offs by some funds, 84.76% of L3Harris stock is still owned by hedge funds and other institutional investors, indicating strong institutional support.

Trexquant Investment LP trimmed its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 90.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,072 shares of the company's stock after selling 91,121 shares during the period. Trexquant Investment LP's holdings in L3Harris Technologies were worth $2,108,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in LHX. Oppenheimer Asset Management Inc. boosted its stake in L3Harris Technologies by 5.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock valued at $926,000 after acquiring an additional 216 shares during the last quarter. BankPlus Wealth Management LLC lifted its stake in L3Harris Technologies by 6.0% in the first quarter. BankPlus Wealth Management LLC now owns 2,061 shares of the company's stock valued at $432,000 after purchasing an additional 117 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in L3Harris Technologies by 21.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company's stock valued at $1,488,000 after purchasing an additional 1,236 shares during the last quarter. Brighton Jones LLC grew its holdings in L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after purchasing an additional 3,001 shares during the period. Finally, American Century Companies Inc. increased its position in L3Harris Technologies by 43.6% in the first quarter. American Century Companies Inc. now owns 883,782 shares of the company's stock worth $184,984,000 after buying an additional 268,396 shares during the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of NYSE:LHX traded up $1.12 on Monday, hitting $273.51. The company's stock had a trading volume of 1,193,539 shares, compared to its average volume of 1,407,699. The company has a market capitalization of $51.17 billion, a PE ratio of 30.56, a PEG ratio of 1.99 and a beta of 0.76. 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 50-day simple moving average of $268.92 and a 200 day simple moving average of $239.33. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $5.31 billion. During the same period in the prior year, the business earned $3.24 earnings per share. L3Harris Technologies's revenue for the quarter was up 2.4% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Sell-side analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal 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 $1.20 dividend. 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

LHX has been the topic of a number of recent research reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Susquehanna increased their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Robert W. Baird lifted their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Barclays boosted their price target on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Finally, Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $279.47.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the sale, the chief executive officer owned 145,578 shares in the company, valued at $39,472,018.92. This trade represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 145,199 shares of company stock valued at $38,555,071 over the last quarter. 0.72% of the stock is owned by corporate 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.