L3Harris Technologies Inc (NYSE:LHX) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp reduced its holdings in L3Harris Technologies Inc by 3.3%, now owning 291,770 shares valued at approximately $61 million.
• Several institutional investors significantly increased their stakes in L3Harris, with GAMMA Investing LLC raising its stake by an astonishing 18,295.3%.
• The company reported earnings of $2.78 per share, exceeding analysts' expectations, and announced a quarterly dividend of $1.20 per share, reflecting a yield of 1.8%.

King Luther Capital Management Corp lowered its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 291,770 shares of the company's stock after selling 9,985 shares during the quarter. King Luther Capital Management Corp owned 0.16% of L3Harris Technologies worth $61,070,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of L3Harris Technologies by 18,295.3% during the 1st quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock worth $107,424,000 after buying an additional 510,438 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake 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 worth $486,898,000 after buying an additional 311,886 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of L3Harris Technologies by 60.8% during the 1st quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company's stock worth $160,644,000 after buying an additional 290,269 shares during the last quarter. Deutsche Bank AG raised its stake in shares of L3Harris Technologies by 64.2% during the 4th quarter. Deutsche Bank AG now owns 740,400 shares of the company's stock worth $155,691,000 after buying an additional 289,514 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of L3Harris Technologies during the 4th quarter worth $53,011,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Insider Activity at L3Harris Technologies

In related news, 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 transaction 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. The trade was a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 value of $19,522,080.00. Following the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at $39,472,018.92. This trade represents a 33.09% 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.

Analyst Upgrades and Downgrades

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

L3Harris Technologies Stock Down 1.5%

Shares of NYSE:LHX opened at $269.69 on Friday. 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 1 year low of $193.09 and a 1 year high of $280.52. The stock has a market capitalization of $50.46 billion, a P/E ratio of 30.13, a PEG ratio of 1.97 and a beta of 0.77. The stock has a 50-day simple moving average of $258.25 and a 200-day simple moving average of $229.85.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The business had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same quarter in the previous year, the business earned $3.24 EPS. The company's revenue for the quarter was up 2.4% on a year-over-year basis. Equities analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

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%.

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.

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