L3Harris Technologies Inc (NYSE:LHX) Shares Bought by Citigroup Inc.

Key Points

• Citigroup Inc. has increased its stake in L3Harris Technologies by 90.3%, acquiring 156,389 additional shares to own approximately 329,588 shares, valued at around $68.99 million.
• Several brokerages have adjusted their ratings and target prices on L3Harris Technologies, with Citigroup raising its target from $300.00 to $323.00 and Truist Financial increasing theirs from $279.00 to $302.00.
• L3Harris Technologies reported earnings per share of $2.78 for the latest quarter, surpassing analysts’ expectations of $2.48, with revenue of $5.43 billion, a 2.4% increase year-over-year.

Citigroup Inc. raised its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 90.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 329,588 shares of the company's stock after purchasing an additional 156,389 shares during the period. Citigroup Inc. owned about 0.18% of L3Harris Technologies worth $68,986,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its holdings in 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 valued at $486,898,000 after purchasing an additional 311,886 shares during the last quarter. Northern Trust Corp lifted its position in shares of L3Harris Technologies by 7.7% in the fourth quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock valued at $342,975,000 after acquiring an additional 116,266 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of L3Harris Technologies by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,412,818 shares of the company's stock valued at $297,087,000 after acquiring an additional 14,344 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of L3Harris Technologies by 13.3% in the fourth quarter. Nuveen Asset Management LLC now owns 1,342,639 shares of the company's stock valued at $282,330,000 after acquiring an additional 157,992 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of L3Harris Technologies by 7.7% in the first quarter. Envestnet Asset Management Inc. now owns 1,262,240 shares of the company's stock valued at $264,199,000 after acquiring an additional 89,722 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on LHX. Truist Financial upped their price objective on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Wall Street Zen downgraded L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. UBS Group upped their target price on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Finally, Citigroup upped their target price on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average target price of $279.47.

L3Harris Technologies Price Performance

LHX stock opened at $269.69 on Friday. The stock has a 50-day moving average price of $258.25 and a two-hundred day moving average price of $229.85. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $280.52. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The company has a market cap of $50.46 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. During the same quarter in the previous year, the business earned $3.24 earnings per share. The firm's quarterly 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 EPS for the current year.

L3Harris Technologies Announces Dividend

The business 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 dividend of $1.20 per share. 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 payout ratio is 53.63%.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the business's 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 transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction that occurred 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 transaction, the insider directly owned 25,325 shares in the company, valued at $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 107,061 shares of company stock worth $28,227,077 over the last three months. 0.72% of the stock is currently owned by corporate insiders.

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.

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