L3Harris Technologies Inc $LHX Stock Position Reduced by MAI Capital Management

Key Points

• MAI Capital Management has reduced its stake in L3Harris Technologies by 5.6%, selling 1,730 shares and holding a total of 29,296 shares valued at approximately $6.13 million.
• The company recently announced a quarterly dividend of $1.20 per share, which will be paid to shareholders of record on September 5th, representing an annualized dividend yield of 1.7%.
• L3Harris Technologies reported earnings per share of $2.78 for the latest quarter, exceeding analysts' expectations, while also forecasting 11.12 EPS for the current year.

MAI Capital Management decreased its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 29,296 shares of the company's stock after selling 1,730 shares during the quarter. MAI Capital Management's holdings in L3Harris Technologies were worth $6,132,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its holdings in shares of L3Harris Technologies by 1.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,833,024 shares of the company's stock worth $2,058,151,000 after purchasing an additional 181,550 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of L3Harris Technologies by 12.2% during the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after purchasing an additional 557,610 shares during the last quarter. Invesco Ltd. grew its holdings in shares of L3Harris Technologies by 5.0% during the first quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock worth $491,323,000 after purchasing an additional 112,271 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of L3Harris Technologies by 15.5% during the first 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. Finally, Nuveen LLC purchased a new position in shares of L3Harris Technologies during the first quarter worth about $299,157,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Down 0.2%

Shares of NYSE LHX traded down $0.64 during trading on Friday, hitting $272.35. 1,071,523 shares of the company traded hands, compared to its average volume of 1,408,898. The firm has a market capitalization of $50.96 billion, a P/E ratio of 30.43, a P/E/G ratio of 2.00 and a beta of 0.76. 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 company has a 50-day moving average price of $268.42 and a 200-day moving average price of $238.21. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.48 by $0.30. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The firm's revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, equities analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm 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. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend 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 40,138 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $269.52, for a total transaction of $10,817,993.76. Following the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at approximately $39,236,182.56. The trade was a 21.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 145,199 shares of company stock valued at $38,555,071 over the last three months. 0.72% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LHX. Robert W. Baird upped their price target on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Royal Bank Of Canada lifted their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Truist Financial upped their target price on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. 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. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

L3Harris Technologies 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.