L3Harris Technologies Inc $LHX Shares Acquired by Norinchukin Bank The

Key Points

• Norinchukin Bank The increased its stake in L3Harris Technologies by 16.5%, holding 10,643 shares worth approximately $2.23 million.
• L3Harris Technologies reported quarter earnings of $2.78 EPS, surpassing the consensus estimate of $2.48, with total revenue of $5.43 billion.
• The company announced a quarterly dividend of $1.20 per share with a dividend yield of 1.7%, to be paid on September 22nd.

Norinchukin Bank The grew its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 16.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,643 shares of the company's stock after buying an additional 1,507 shares during the period. Norinchukin Bank The's holdings in L3Harris Technologies were worth $2,228,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in LHX. Oppenheimer Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 5.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock worth $926,000 after acquiring an additional 216 shares during the last quarter. BankPlus Wealth Management LLC increased its position in shares of L3Harris Technologies by 6.0% in the 1st 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 during the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of L3Harris Technologies by 21.2% in the 4th 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 during the last quarter. Brighton Jones LLC grew its position in shares of L3Harris Technologies by 233.9% in the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after buying an additional 3,001 shares during the last quarter. Finally, Capital Analysts LLC grew its position in shares of L3Harris Technologies by 4.2% in the 4th quarter. Capital Analysts LLC now owns 44,510 shares of the company's stock valued at $9,360,000 after buying an additional 1,808 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Activity

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,138 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $269.52, for a total value of $10,817,993.76. Following the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at $39,236,182.56. This represents a 21.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 145,199 shares of company stock valued at $38,555,071 over the last quarter. 0.72% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on LHX shares. Citigroup raised their price objective 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. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. UBS Group raised their price objective on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Barclays lifted their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Finally, Truist Financial lifted their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday, July 25th. Thirteen equities 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $279.47.

L3Harris Technologies Price Performance

LHX stock traded down $0.81 during trading on Wednesday, reaching $276.85. 740,788 shares of the company were exchanged, compared to its average volume of 1,417,339. The company has a market cap of $51.80 billion, a P/E ratio of 30.93, a PEG ratio of 2.02 and a beta of 0.77. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $280.52. The stock's 50 day moving average price is $264.63 and its 200 day moving average price is $234.87. 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 (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The firm's revenue was up 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio is 53.63%.

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.