L3Harris Technologies Inc $LHX Stock Holdings Lessened by Balyasny Asset Management L.P.

Key Points

• Balyasny Asset Management cut its L3Harris Technologies stake by 30.8% in the fourth quarter, though it still held 762,500 shares valued at about $223.8 million.
• Wall Street sentiment remains positive overall: analysts currently rate LHX a Moderate Buy, with an average target price of $354.75, despite some recent price target cuts.
• L3Harris reported better-than-expected quarterly results, with EPS of $2.72 and revenue of $5.74 billion, and it also announced a quarterly dividend of $1.25 per share.

Balyasny Asset Management L.P. lowered its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 30.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 762,500 shares of the company's stock after selling 338,785 shares during the period. Balyasny Asset Management L.P. owned approximately 0.41% of L3Harris Technologies worth $223,847,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of LHX. Brighton Jones LLC grew its position in L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after purchasing an additional 3,001 shares in the last quarter. Jump Financial LLC grew its position in L3Harris Technologies by 14.9% during the 2nd quarter. Jump Financial LLC now owns 2,995 shares of the company's stock worth $751,000 after purchasing an additional 388 shares in the last quarter. NewEdge Advisors LLC grew its position in L3Harris Technologies by 14.2% during the 2nd quarter. NewEdge Advisors LLC now owns 17,082 shares of the company's stock worth $4,285,000 after purchasing an additional 2,130 shares in the last quarter. Nebula Research & Development LLC purchased a new position in L3Harris Technologies during the 2nd quarter worth approximately $856,000. Finally, CIBC Asset Management Inc grew its position in L3Harris Technologies by 116.2% during the 2nd quarter. CIBC Asset Management Inc now owns 61,988 shares of the company's stock worth $15,549,000 after purchasing an additional 33,321 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

Wall Street Analyst Weigh In

LHX has been the topic of several research analyst reports. UBS Group lowered their price objective on shares of L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating on the stock in a research report on Friday, May 1st. Sanford C. Bernstein lowered their price objective on shares of L3Harris Technologies to $405.00 and set an "outperform" rating on the stock in a research report on Monday, May 4th. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Saturday, April 11th. Truist Financial upgraded shares of L3Harris Technologies to a "strong-buy" rating in a research report on Friday, May 1st. Finally, 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. Two equities research 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, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average target price of $354.75.

Insider Activity at L3Harris Technologies

In related news, VP Melanie Rakita sold 2,180 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $310.45, for a total value of $676,781.00. Following the completion of the sale, the vice president directly owned 4,192 shares in the company, valued at approximately $1,301,406.40. This represents a 34.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.68% of the stock is currently owned by corporate insiders.

L3Harris Technologies Trading Up 0.8%

L3Harris Technologies stock opened at $312.93 on Thursday. The company's fifty day simple moving average is $320.04 and its 200-day simple moving average is $328.19. The company has a quick ratio of 0.89, a current ratio of 1.03 and a debt-to-equity ratio of 0.47. L3Harris Technologies Inc has a 12 month low of $243.84 and a 12 month high of $379.23. The stock has a market cap of $58.30 billion, a P/E ratio of 33.98, a P/E/G ratio of 1.57 and a beta of 0.50.

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

L3Harris Technologies Dividend Announcement

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