OxenFree Capital LLC Invests $224,000 in L3Harris Technologies Inc $LHX

Key Points

• OxenFree Capital LLC invested approximately $224,000 in L3Harris Technologies Inc during the second quarter by acquiring 893 shares, marking a notable new position in the company.
• Several large institutional investors have recently increased their stakes in L3Harris Technologies, contributing to its significant institutional ownership of 84.76%.
• L3Harris Technologies reported strong earnings with an EPS of $2.78, surpassing analyst expectations, and declared a quarterly dividend of $1.20, yielding 1.7% annually.

OxenFree Capital LLC bought a new stake in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 893 shares of the company's stock, valued at approximately $224,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Nuveen LLC bought a new position in L3Harris Technologies during the first quarter worth about $299,157,000. Caisse DE Depot ET Placement DU Quebec boosted its holdings in L3Harris Technologies by 946.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company's stock worth $164,297,000 after buying an additional 709,948 shares during the last quarter. Wellington Management Group LLP boosted its holdings in L3Harris Technologies by 12.2% during the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after buying an additional 557,610 shares during the last quarter. GAMMA Investing LLC boosted its holdings in L3Harris Technologies by 18,295.3% during the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock worth $107,424,000 after buying an additional 510,438 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in L3Harris Technologies by 15.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after buying an additional 311,886 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Stock Performance

Shares of NYSE LHX traded up $0.40 during midday trading on Monday, hitting $284.34. 764,885 shares of the company's stock were exchanged, compared to its average volume of 1,380,076. 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 12 month low of $193.09 and a 12 month high of $286.81. The company's 50 day moving average price is $273.51 and its 200 day moving average price is $244.49. The firm has a market capitalization of $53.20 billion, a PE ratio of 31.77, a price-to-earnings-growth ratio of 2.08 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.31 billion. During the same period in the previous year, the company posted $3.24 EPS. The firm's revenue for the quarter 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, analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

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

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the business's stock in a transaction on 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 sale, the chief executive officer directly owned 145,578 shares in the company, valued at $40,747,282.20. The trade was a 36.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 195,138 shares of company stock valued at $53,571,774. Insiders own 0.72% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on LHX shares. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Royal Bank Of Canada lifted 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. Robert W. Baird lifted their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Citigroup lifted their price objective on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Finally, UBS Group lifted their target price on L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. 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.com, the company has a consensus rating of "Moderate Buy" and an average target price 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.