Cypress Capital Group Acquires 990 Shares of L3Harris Technologies Inc (NYSE:LHX)

Key Points

• Cypress Capital Group increased its stake in L3Harris Technologies by 11.7%, owning 9,475 shares valued at approximately $1.98 million after acquiring 990 additional shares.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, with an annualized yield of 1.8%, reflecting a payout ratio of 53.63%.
• Analysts have raised price targets for L3Harris shares, with predictions up to $323, indicating a generally positive outlook on the stock's performance.

Cypress Capital Group boosted its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 11.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,475 shares of the company's stock after purchasing an additional 990 shares during the period. Cypress Capital Group's holdings in L3Harris Technologies were worth $1,983,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Clearstead Trust LLC bought a new position in L3Harris Technologies during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC raised its position in shares of L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of L3Harris Technologies by 336.4% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after purchasing an additional 111 shares during the period. Park Square Financial Group LLC acquired a new stake in shares of L3Harris Technologies during the 4th quarter worth approximately $37,000. Finally, Cornerstone Planning Group LLC raised its position in shares of L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after purchasing an additional 139 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies stock in a transaction that occurred on 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 directly owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider directly 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. Insiders sold 147,199 shares of company stock worth $39,045,071 over the last quarter. 0.72% of the stock is currently owned by corporate insiders.

L3Harris Technologies Stock Up 0.1%

Shares of NYSE:LHX traded up $0.29 during midday trading on Friday, hitting $271.34. 381,063 shares of the stock were exchanged, compared to its average volume of 1,437,801. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $280.52. The business's fifty day simple moving average is $260.46 and its two-hundred day simple moving average is $231.17. The company has a market capitalization of $50.77 billion, a PE ratio of 30.31, a P/E/G ratio of 1.98 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. During the same period last year, the company earned $3.24 earnings per share. The business's revenue was up 2.4% compared to the same quarter last year. As a group, research analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be paid a $1.20 dividend. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.8%. L3Harris Technologies's payout ratio is presently 53.63%.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of research reports. 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 research report on Friday, July 25th. UBS Group raised their target price on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Robert W. Baird raised their target price on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Wall Street Zen cut L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Finally, Susquehanna increased their price target on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average price target 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.