NFJ Investment Group LLC Cuts Stock Holdings in L3Harris Technologies Inc $LHX

Key Points

• NFJ Investment Group LLC has reduced its stake in L3Harris Technologies by 16.6%, holding a position worth $30.1 million at the end of the most recent quarter.
• Several hedge funds have significantly increased their positions in L3Harris Technologies, with Caisse DE Depot ET Placement DU Quebec growing its stake by 946.6% to own approximately $164.3 million worth of shares.
• The company recently announced a quarterly dividend of $1.20 per share, indicating a payout ratio of 53.63% and an annualized yield of 1.8%.

NFJ Investment Group LLC decreased its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 16.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 143,807 shares of the company's stock after selling 28,625 shares during the quarter. NFJ Investment Group LLC owned 0.08% of L3Harris Technologies worth $30,100,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. raised its stake in L3Harris Technologies by 5.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock valued at $926,000 after acquiring an additional 216 shares in the last quarter. BankPlus Wealth Management LLC grew its stake in L3Harris Technologies by 6.0% in the first quarter. BankPlus Wealth Management LLC now owns 2,061 shares of the company's stock valued at $432,000 after purchasing an additional 117 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in L3Harris Technologies by 21.2% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company's stock valued at $1,488,000 after purchasing an additional 1,236 shares in the last quarter. Brighton Jones LLC lifted its position in shares of L3Harris Technologies by 233.9% in the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after buying an additional 3,001 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of L3Harris Technologies by 43.6% in the first quarter. American Century Companies Inc. now owns 883,782 shares of the company's stock worth $184,984,000 after buying an additional 268,396 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders have sold 145,199 shares of company stock worth $38,555,071. 0.72% of the stock is owned by insiders.

Wall Street Analyst Weigh In

LHX has been the topic of several research reports. Citigroup boosted their price target on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Robert W. Baird upped their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Sanford C. Bernstein reissued 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 stock a "sector perform" rating in a research note on Friday, July 25th. Finally, UBS Group increased their target price on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Trading Up 0.4%

Shares of L3Harris Technologies stock traded up $1.12 during trading on Monday, hitting $273.51. The company's stock had a trading volume of 1,193,539 shares, compared to its average volume of 1,006,504. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. The stock has a market cap of $51.17 billion, a price-to-earnings ratio of 30.56, a price-to-earnings-growth ratio of 1.99 and a beta of 0.76. The stock has a 50-day moving average price of $269.36 and a two-hundred day moving average price of $239.85. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week 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 earnings per share (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 analysts' expectations of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business's revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Equities research analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders 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 dividend yield of 1.8%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's payout ratio is 53.63%.

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.