Norris Perne & French LLP MI Trims Position in L3Harris Technologies Inc $LHX

Key Points

• Norris Perne & French LLP MI reduced its stake in L3Harris Technologies by 29.4%, selling 29,000 shares and now holding 69,477 shares worth approximately $17.4 million.
• L3Harris Technologies reported $2.78 EPS for the latest quarter, exceeding estimates by $0.30, with revenues of $5.43 billion, up 2.4% year-over-year.
• The company announced a quarterly dividend of $1.20 per share, reflecting an annualized yield of 1.6% with a payout ratio of 53.63%.

Norris Perne & French LLP MI lessened its stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 29.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 69,477 shares of the company's stock after selling 29,000 shares during the period. Norris Perne & French LLP MI's holdings in L3Harris Technologies were worth $17,428,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in LHX. Brighton Jones LLC increased its stake in L3Harris Technologies by 233.9% in the 4th 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 period. Jefferies Financial Group Inc. purchased a new position in L3Harris Technologies in the 4th quarter worth about $232,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in L3Harris Technologies in the 4th quarter worth about $5,105,000. Wealth Enhancement Advisory Services LLC increased its stake in L3Harris Technologies by 15.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 47,298 shares of the company's stock worth $9,946,000 after buying an additional 6,484 shares during the period. Finally, Versant Capital Management Inc increased its stake in L3Harris Technologies by 235.8% in the 1st quarter. Versant Capital Management Inc now owns 1,585 shares of the company's stock worth $332,000 after buying an additional 1,113 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Up 1.6%

Shares of L3Harris Technologies stock opened at $293.83 on Monday. The firm's 50 day moving average price is $275.90 and its 200-day moving average price is $247.05. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $293.94. The company has a market cap of $54.98 billion, a P/E ratio of 32.83, a PEG ratio of 2.15 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 (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 company's quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, sell-side analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, September 5th. L3Harris Technologies's 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 that occurred on Friday, September 12th. The shares were sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the completion of the sale, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $40,747,282.20. The trade was a 36.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 195,138 shares of company stock worth $53,571,774. Insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

LHX has been the topic of a number of research reports. Barclays raised their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Citigroup raised their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Finally, Robert W. Baird raised their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" 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 company's stock. According to data from MarketBeat, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

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.

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