JPMorgan Chase & Co. Grows Position in L3Harris Technologies Inc $LHX

Key Points

• JPMorgan Chase & Co. has significantly increased its stake in L3Harris Technologies by 60.8% in Q1, acquiring an additional 290,269 shares, bringing their total ownership to 767,493 shares valued at approximately $160.6 million.
• Several analysts have raised their price targets for L3Harris Technologies, with new estimates ranging from $302 to $320, reflecting a generally positive sentiment towards the stock.
• CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies, representing a 33.09% decrease in his ownership, amid broader insider selling totaling $39 million over the last quarter.

JPMorgan Chase & Co. raised its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 60.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 767,493 shares of the company's stock after acquiring an additional 290,269 shares during the period. JPMorgan Chase & Co. owned approximately 0.41% of L3Harris Technologies worth $160,644,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in shares of L3Harris Technologies by 15.5% during the 1st 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 stake in shares of L3Harris Technologies by 7.7% in the 4th quarter. Northern Trust Corp now owns 1,631,041 shares of the company's stock valued at $342,975,000 after purchasing an additional 116,266 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of L3Harris Technologies by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,412,818 shares of the company's stock valued at $297,087,000 after purchasing an additional 14,344 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of L3Harris Technologies by 13.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,342,639 shares of the company's stock valued at $282,330,000 after purchasing an additional 157,992 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of L3Harris Technologies by 7.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,262,240 shares of the company's stock valued at $264,199,000 after purchasing an additional 89,722 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on LHX. Royal Bank Of Canada raised their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Wall Street Zen lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. UBS Group raised their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Susquehanna raised their price objective on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Finally, Robert W. Baird raised their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

L3Harris Technologies Stock Up 0.5%

Shares of L3Harris Technologies stock traded up $1.3910 on Tuesday, reaching $273.3110. The company's stock had a trading volume of 138,404 shares, compared to its average volume of 1,432,425. The company has a market capitalization of $51.14 billion, a price-to-earnings ratio of 30.52, a P/E/G ratio of 1.98 and a beta of 0.77. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.52. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm's fifty day simple moving average is $261.52 and its two-hundred day simple moving average is $232.26.

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 analysts' consensus estimates of $2.48 by $0.30. The company had revenue of $5.43 billion for 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%.L3Harris Technologies's revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Equities analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

Insider Activity

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at $39,472,018.92. The trade was a 33.09% 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 three months. Insiders own 0.72% of the company's stock.

L3Harris Technologies Company 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.