L3Harris Technologies Inc (NYSE:LHX) Stock Position Raised by US Bancorp DE

Key Points

• US Bancorp DE increased its stake in L3Harris Technologies Inc by 29.8%, owning about 0.18% of the company worth approximately $70.87 million after buying additional shares.
• L3Harris reported earnings of $2.78 EPS for the last quarter, surpassing the consensus estimate by $0.30, with quarterly revenue reaching $5.43 billion.
• The company recently declared a quarterly dividend of $1.20 per share, with a dividend yield of 1.7%, set to be paid on September 22nd.

US Bancorp DE grew its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 29.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 338,586 shares of the company's stock after buying an additional 77,688 shares during the period. US Bancorp DE owned 0.18% of L3Harris Technologies worth $70,869,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Transce3nd LLC grew its stake in shares of L3Harris Technologies by 7.9% during the 1st quarter. Transce3nd LLC now owns 652 shares of the company's stock valued at $137,000 after buying an additional 48 shares during the period. Koshinski Asset Management Inc. grew its stake in shares of L3Harris Technologies by 3.1% during the 1st quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock valued at $353,000 after buying an additional 50 shares during the period. Belpointe Asset Management LLC grew its stake in shares of L3Harris Technologies by 0.7% during the 4th quarter. Belpointe Asset Management LLC now owns 7,017 shares of the company's stock valued at $1,476,000 after buying an additional 52 shares during the period. CWC Advisors LLC. boosted its position in L3Harris Technologies by 2.1% during the 4th quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock worth $546,000 after purchasing an additional 53 shares during the period. Finally, Callan Capital LLC boosted its position in L3Harris Technologies by 5.0% during the 1st quarter. Callan Capital LLC now owns 1,107 shares of the company's stock worth $232,000 after purchasing an additional 53 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Up 1.2%

Shares of L3Harris Technologies stock traded up $3.37 during trading on Friday, reaching $278.19. The company had a trading volume of 1,412,687 shares, compared to its average volume of 1,372,809. The company has a market cap of $52.05 billion, a price-to-earnings ratio of 31.08, a price-to-earnings-growth ratio of 2.03 and a beta of 0.77. The firm's fifty day moving average is $255.07 and its 200-day moving average is $227.98. 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 fifty-two week low of $193.09 and a fifty-two week high of $280.03.

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, beating analysts' consensus estimates of $2.48 by $0.30. The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company's revenue for the quarter was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.24 EPS. On average, analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS 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. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio is 53.63%.

Insider Transactions at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total value of $19,522,080.00. Following the sale, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,472,018.92. This represents a 33.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the sale, the insider directly owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,061 shares of company stock worth $28,227,077. Company insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on LHX. Barclays upped their price target on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Royal Bank Of Canada upped their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Citigroup upped their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. The Goldman Sachs Group raised shares of L3Harris Technologies from a "sell" rating to a "buy" rating and upped their price target for the stock from $198.00 to $263.00 in a research report on Friday, April 11th. Finally, Susquehanna upped their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and an average price target 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.