Alliancebernstein L.P. Grows Stake in L3Harris Technologies Inc $LHX

Key Points

• Alliancebernstein L.P. increased its stake in L3Harris Technologies Inc by 0.8% during Q1, now owning approximately 0.21% of the company valued at $82.8 million.
• The company CEO, Christopher E. Kubasik, sold 40,138 shares worth over $10.8 million, reducing his ownership by 21.61%.
• Analysts have lifted their price targets for L3Harris, with a consensus rating of "Moderate Buy" and an average target price of $279.47.

Alliancebernstein L.P. grew its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 0.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 395,484 shares of the company's stock after acquiring an additional 3,220 shares during the quarter. Alliancebernstein L.P. owned about 0.21% of L3Harris Technologies worth $82,779,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Transce3nd LLC raised its position in L3Harris Technologies by 7.9% in the 1st quarter. Transce3nd LLC now owns 652 shares of the company's stock valued at $137,000 after purchasing an additional 48 shares during the last quarter. Koshinski Asset Management Inc. increased its stake in L3Harris Technologies by 3.1% in the first quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock valued at $353,000 after purchasing an additional 50 shares during the period. Cobblestone Capital Advisors LLC NY raised its holdings in shares of L3Harris Technologies by 2.2% in the first quarter. Cobblestone Capital Advisors LLC NY now owns 2,404 shares of the company's stock valued at $503,000 after buying an additional 51 shares during the last quarter. Northstar Financial Companies Inc. boosted its stake in shares of L3Harris Technologies by 2.7% during the first quarter. Northstar Financial Companies Inc. now owns 2,009 shares of the company's stock worth $421,000 after buying an additional 52 shares during the period. Finally, CWC Advisors LLC. boosted its stake in shares of L3Harris Technologies by 2.1% during the fourth quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock worth $546,000 after buying an additional 53 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at $40,747,282.20. This trade represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 195,138 shares of company stock valued at $53,571,774 in the last ninety days. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Price Performance

Shares of LHX traded down $1.41 during mid-day trading on Friday, hitting $279.22. The company's stock had a trading volume of 800,756 shares, compared to its average volume of 990,507. 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 Inc has a 1-year low of $193.09 and a 1-year high of $281.67. The firm has a market capitalization of $52.24 billion, a P/E ratio of 31.20, a P/E/G ratio of 2.05 and a beta of 0.76. The firm has a 50-day simple moving average of $271.08 and a 200 day simple moving average of $241.38.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data 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 return on equity of 11.82% and a net margin of 7.94%.The firm had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. During the same quarter in the prior year, the company posted $3.24 earnings per share. L3Harris Technologies's quarterly 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. Analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Analyst Ratings Changes

Several equities analysts recently issued reports on LHX shares. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Truist Financial lifted their target price on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Barclays boosted 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. Royal Bank Of Canada increased their price target on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a 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 research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

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.