Otter Creek Advisors LLC Makes New Investment in L3Harris Technologies Inc $LHX

Key Points

• Otter Creek Advisors LLC has acquired 17,900 shares of L3Harris Technologies, valued at approximately $4.49 million, making it the firm's 10th largest holding.
• L3Harris Technologies reported earnings per share (EPS) of $2.78 for the last quarter, exceeding analysts' expectations of $2.48, with a total revenue of $5.43 billion.
• The company announced a quarterly dividend of $1.20 per share, set to be paid on December 5th, representing an annualized yield of 1.7%.

Otter Creek Advisors LLC bought a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 17,900 shares of the company's stock, valued at approximately $4,490,000. L3Harris Technologies comprises about 3.2% of Otter Creek Advisors LLC's investment portfolio, making the stock its 10th largest holding.

Other large investors also recently bought and sold shares of the company. Kiker Wealth Management LLC grew its position in L3Harris Technologies by 137.0% during the 2nd quarter. Kiker Wealth Management LLC now owns 109 shares of the company's stock worth $27,000 after purchasing an additional 63 shares during the last quarter. Clearstead Trust LLC acquired a new stake in L3Harris Technologies during the 1st quarter valued at approximately $26,000. Nova Wealth Management Inc. acquired a new stake in L3Harris Technologies during the 1st quarter valued at approximately $26,000. Harbor Asset Planning Inc. acquired a new stake in L3Harris Technologies during the 2nd quarter valued at approximately $32,000. Finally, Independence Bank of Kentucky lifted its stake in L3Harris Technologies by 44.4% during the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock valued at $33,000 after acquiring an additional 40 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Stock Performance

LHX opened at $283.89 on Friday. 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 firm has a fifty day moving average price of $283.22 and a 200 day moving average price of $255.41. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $308.12. The stock has a market cap of $53.12 billion, a P/E ratio of 31.72, a P/E/G ratio of 2.07 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.30. The firm had revenue of $5.43 billion during 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% compared to the same quarter last year. During the same period in the previous year, the business posted $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 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Monday, November 17th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Analyst Ratings Changes

LHX has been the subject of several research reports. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Morgan Stanley lifted their price objective on shares of L3Harris Technologies from $250.00 to $350.00 and gave the company an "equal weight" rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. Finally, Barclays boosted their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $287.63.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $40,747,282.20. This represents a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 195,138 shares of company stock worth $53,571,774 in the last ninety days. Corporate insiders own 0.72% of the company's stock.

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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