L3Harris Technologies Inc (NYSE:LHX) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System reduced its stake in L3Harris Technologies by 12.5%, owning 8,853 shares valued at approximately $1.85 million as of the latest SEC filing.
• L3Harris Technologies reported strong quarterly earnings with an EPS of $2.78, surpassing analysts' expectations of $2.48, and revenue of $5.43 billion, beating the forecast of $5.31 billion.
• The company announced a quarterly dividend of $1.20 per share, reflecting a dividend yield of 1.8% and a payout ratio of 53.63%.

Maryland State Retirement & Pension System lessened its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 12.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,853 shares of the company's stock after selling 1,259 shares during the period. Maryland State Retirement & Pension System's holdings in L3Harris Technologies were worth $1,853,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of LHX. Clearstead Trust LLC purchased a new stake in shares of L3Harris Technologies in the first quarter valued at $26,000. Beacon Capital Management LLC lifted its position in shares of L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock valued at $30,000 after acquiring an additional 111 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at $37,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after acquiring an additional 139 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $269.69 on Friday. The stock's 50-day moving average is $258.25 and its 200-day moving average is $229.85. The company has a market cap of $50.46 billion, a price-to-earnings ratio of 30.13, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping 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%. The company's quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business posted $3.24 EPS. Equities analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced 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 dividend payout ratio (DPR) is 53.63%.

Insider Transactions at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the 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 sale, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,472,018.92. This trade represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the sale, the insider owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,061 shares of company stock valued at $28,227,077. Insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on LHX. Robert W. Baird upped 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. Citigroup upped their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday, July 25th. UBS Group upped 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 upped their target price on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. Finally, Wall Street Zen lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.