Mechanics Bank Trust Department Takes Position in L3Harris Technologies Inc $LHX

Key Points

• Mechanics Bank Trust Department has acquired a new position in L3Harris Technologies, purchasing 899 shares valued at approximately $226,000.
• L3Harris Technologies reported earnings of $2.78 per share for the last quarter, exceeding analysts' expectations and marking a revenue increase of 2.4% year-over-year.
• The company also announced a quarterly dividend of $1.20 per share, resulting in an annualized dividend yield of 1.7% and a payout ratio of 53.63%.

Mechanics Bank Trust Department bought a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 899 shares of the company's stock, valued at approximately $226,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Clearstead Trust LLC acquired a new stake in shares of L3Harris Technologies in the first quarter valued at about $26,000. Nova Wealth Management Inc. purchased a new position in L3Harris Technologies in the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its holdings in L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after buying an additional 58 shares during the last quarter. Park Square Financial Group LLC purchased a new stake in L3Harris Technologies during the 4th quarter worth approximately $37,000. Finally, Cornerstone Planning Group LLC increased its stake in L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after buying an additional 139 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $284.34 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The firm has a market cap of $53.20 billion, a P/E ratio of 31.77, a P/E/G ratio of 2.08 and a beta of 0.76. The firm's 50 day moving average price is $273.95 and its 200-day moving average price is $244.93. L3Harris Technologies Inc has a one year low of $193.09 and a one year high of $286.81.

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

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Investors of record on Friday, September 5th were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $4.80 annualized dividend and a yield of 1.7%. L3Harris Technologies's dividend payout ratio is presently 53.63%.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at $40,747,282.20. The trade was a 36.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 195,138 shares of company stock worth $53,571,774. Company insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of research analyst reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Royal Bank Of Canada raised their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a report on Friday, July 25th. UBS Group upped their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Finally, Truist Financial boosted their price target on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.

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