L3Harris Technologies Inc $LHX Stock: King Luther Capital Management Corp Reduces Stake

Key Points

• King Luther Capital Management cut its L3Harris stake by 49.5% in the third quarter, selling 128,833 shares and retaining 131,632 shares worth about $31.2 million.
• L3Harris reported quarterly earnings of $3.28 per share, beating estimates of $2.95, while revenue reached $6.07 billion and rose 7.1% year over year.
• The company declared a quarterly dividend of $1.25 per share, equivalent to an annualized $5.00 and a 1.8% yield; analysts’ consensus rating was “Moderate Buy,” with a $340.93 average price target.

King Luther Capital Management Corp trimmed its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 49.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 131,632 shares of the company's stock after selling 128,833 shares during the quarter. King Luther Capital Management Corp owned approximately 0.07% of L3Harris Technologies worth $31,168,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in LHX. Concurrent Investment Advisors LLC lifted its holdings in shares of L3Harris Technologies by 29.4% during the second quarter. Concurrent Investment Advisors LLC now owns 53,138 shares of the company's stock worth $15,441,000 after purchasing an additional 12,059 shares during the period. Community Trust & Investment Co. increased its holdings in L3Harris Technologies by 8.2% in the third quarter. Community Trust & Investment Co. now owns 63,777 shares of the company's stock valued at $15,101,000 after purchasing an additional 4,828 shares during the period. Meeder Advisory Services Inc. acquired a new stake in L3Harris Technologies in the second quarter valued at $1,397,000. Swiss National Bank increased its holdings in L3Harris Technologies by 7.1% in the first quarter. Swiss National Bank now owns 549,029 shares of the company's stock valued at $189,497,000 after purchasing an additional 36,320 shares during the period. Finally, ASK Capital Investment Managers LLC bought a new position in L3Harris Technologies during the 3rd quarter worth $1,839,000. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Trading Up 0.1%

LHX opened at $276.28 on Thursday. L3Harris Technologies Inc has a twelve month low of $232.34 and a twelve month high of $379.23. The company has a quick ratio of 1.05, a current ratio of 1.20 and a debt-to-equity ratio of 0.45. The company has a fifty day moving average of $250.79 and a 200-day moving average of $302.01. The stock has a market cap of $51.44 billion, a PE ratio of 25.77, a price-to-earnings-growth ratio of 1.69 and a beta of 0.47.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, October 29th. The company reported $3.28 earnings per share for the quarter, topping analysts' consensus estimates of $2.95 by $0.33. The business had revenue of $6.07 billion during the quarter, compared to the consensus estimate of $5.92 billion. L3Harris Technologies had a net margin of 8.76% and a return on equity of 11.49%. L3Harris Technologies's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.70 earnings per share. On average, sell-side analysts predict that L3Harris Technologies Inc will post 12.10 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, December 4th. L3Harris Technologies's dividend payout ratio (DPR) is presently 46.64%.

Wall Street Analyst Weigh In

Several research analysts have commented on LHX shares. Sanford C. Bernstein cut their target price on L3Harris Technologies from $346.00 to $318.00 and set an "outperform" rating on the stock in a report on Wednesday, October 14th. Susquehanna decreased their price target on L3Harris Technologies from $410.00 to $350.00 and set a "positive" rating for the company in a research note on Friday, July 31st. Royal Bank Of Canada raised their price objective on L3Harris Technologies from $265.00 to $295.00 and gave the stock a "sector perform" rating in a research report on Friday, October 30th. Argus lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Friday, September 25th. Finally, Weiss Ratings cut L3Harris Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $340.93.

L3Harris Technologies Profile

L3Harris Technologies is a defense and aerospace company that develops technology and systems for government and commercial customers. Its offerings include tactical communications, intelligence and surveillance systems, sensors, electronic warfare capabilities, space systems, and aviation technologies. The company also provides propulsion and related systems for defense and space applications through Aerojet Rocketdyne, which it acquired in 2023. Its products and services support missions including military communications, situational awareness, space operations, and national security.

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