Virtu Financial LLC Sells 10,393 Shares of L3Harris Technologies Inc $LHX

Key Points

• Virtu Financial LLC significantly reduced its holdings in L3Harris Technologies by 88.8% during Q1, selling 10,393 shares, leaving them with only 1,306 shares valued at $273,000.
• Insider transactions include CEO Christopher E. Kubasik selling 72,000 shares for about $19.5 million, indicating a 33.09% decrease in his ownership, while the company's insiders collectively sold 147,199 shares worth over $39 million in the last 90 days.
• L3Harris Technologies reported quarterly earnings of $2.78 per share, exceeding estimates, while also declaring a quarterly dividend of $1.20, reflecting a 1.8% yield and a payout ratio of 53.63%.

Virtu Financial LLC lessened its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 88.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,306 shares of the company's stock after selling 10,393 shares during the period. Virtu Financial LLC's holdings in L3Harris Technologies were worth $273,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in L3Harris Technologies by 18,295.3% during the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after buying an additional 510,438 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of L3Harris Technologies by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after acquiring an additional 311,886 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of L3Harris Technologies by 60.8% in the first quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company's stock worth $160,644,000 after acquiring an additional 290,269 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of L3Harris Technologies by 64.2% during the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after purchasing an additional 289,514 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth approximately $53,011,000. 84.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on LHX shares. Barclays boosted their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Susquehanna upped their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Citigroup upped their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, UBS Group raised their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $279.47.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 40,138 shares of L3Harris Technologies stock in a transaction on Monday, August 11th. The shares were sold at an average price of $269.52, for a total value of $10,817,993.76. Following the completion of the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $39,236,182.56. This trade represents a 21.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider owned 25,325 shares in the company, valued at $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 147,199 shares of company stock valued at $39,045,071. 0.72% of the stock is currently owned by insiders.

L3Harris Technologies Stock Performance

Shares of LHX stock traded up $0.0750 on Tuesday, hitting $271.9950. The company's stock had a trading volume of 990,157 shares, compared to its average volume of 1,437,746. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The stock's 50 day moving average is $261.52 and its 200-day moving average is $232.26. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52. The company has a market capitalization of $50.89 billion, a PE ratio of 30.39, a PEG ratio of 1.98 and a beta of 0.77.

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. The business had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. L3Harris Technologies's revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Equities research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared 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 of this dividend is Friday, September 5th. This represents a $4.80 annualized dividend and a yield of 1.8%. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

About L3Harris Technologies

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.