L3Harris Technologies Inc $LHX Stock Holdings Trimmed by Magnetar Financial LLC

Key Points

• Magnetar Financial LLC reduced its holdings in L3Harris Technologies by 63.1%, owning 10,779 shares worth approximately $2.26 million after selling 18,432 shares during Q1.
• L3Harris Technologies announced a $1.20 quarterly dividend to be paid on September 22nd, with an annual yield of 1.7% and a payout ratio of 53.63%.
• Wall Street analysts have positive outlooks for L3Harris, with multiple price target increases, resulting in an average rating of "Moderate Buy" and a price target of $279.47.

Magnetar Financial LLC cut its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 63.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,779 shares of the company's stock after selling 18,432 shares during the quarter. Magnetar Financial LLC's holdings in L3Harris Technologies were worth $2,256,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC lifted its stake in L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after purchasing an additional 3,001 shares during the last quarter. Tudor Investment Corp ET AL grew its holdings in L3Harris Technologies by 1,437.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 23,448 shares of the company's stock valued at $4,931,000 after purchasing an additional 25,201 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of L3Harris Technologies by 30.7% in the fourth quarter. AQR Capital Management LLC now owns 204,176 shares of the company's stock valued at $42,816,000 after acquiring an additional 47,899 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at $15,771,000. Finally, Aspire Growth Partners LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at $548,000. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Stock Down 0.1%

NYSE LHX traded down $0.30 during mid-day trading on Thursday, reaching $272.82. 303,972 shares of the company's stock traded hands, compared to its average volume of 1,406,226. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52. The company has a fifty day simple moving average of $267.90 and a 200-day simple moving average of $237.69. 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 $51.04 billion, a price-to-earnings ratio of 30.53, a P/E/G ratio of 2.03 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data 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. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same quarter last year, the firm earned $3.24 EPS. L3Harris Technologies's quarterly revenue was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, equities research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed 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 is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies's payout ratio is currently 53.63%.

Analysts Set New Price Targets

LHX has been the topic of several recent research reports. 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. Robert W. Baird increased their target price on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" 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. Citigroup increased their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, L3Harris Technologies has a consensus rating of "Moderate Buy" and an average price target of $279.47.

Insider Transactions 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 completion of the transaction, the chief executive officer owned 145,578 shares in the company, valued at $39,472,018.92. The trade was a 33.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 145,199 shares of company stock worth $38,555,071. Insiders own 0.72% of the company's stock.

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.