Patton Fund Management Inc. Invests $255,000 in L3Harris Technologies Inc $LHX

Key Points

• Patton Fund Management Inc. invested approximately $255,000 in L3Harris Technologies Inc, acquiring 1,018 shares in the 2nd quarter.
• L3Harris Technologies reported a net margin of 7.94% and earnings per share (EPS) of $2.78 for the last quarter, exceeding analyst expectations.
• The company recently announced a quarterly dividend of $1.20, representing a 1.6% dividend yield and a payout ratio of 53.63%.

Patton Fund Management Inc. bought a new position in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,018 shares of the company's stock, valued at approximately $255,000.

Several other hedge funds and other institutional investors also recently modified their holdings of LHX. Clearstead Trust LLC bought a new stake in shares of L3Harris Technologies in the 1st quarter worth about $26,000. Nova Wealth Management Inc. acquired a new position in shares of L3Harris Technologies in the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its holdings in shares of L3Harris Technologies by 79.5% in the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the period. Cornerstone Planning Group LLC boosted its holdings in shares of L3Harris Technologies by 323.3% in the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after buying an additional 139 shares during the period. Finally, WPG Advisers LLC acquired a new position in shares of L3Harris Technologies in the 1st quarter valued at about $39,000. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Up 1.6%

L3Harris Technologies stock opened at $293.83 on Friday. The firm has a 50 day simple moving average of $275.90 and a 200-day simple moving average of $246.80. 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 capitalization of $54.97 billion, a PE ratio of 32.83, a price-to-earnings-growth ratio of 2.15 and a beta of 0.76. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $293.94.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data 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 business 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% on a year-over-year basis. During the same period last year, the firm posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, equities research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Stockholders of record on Friday, September 5th were issued a $1.20 dividend. The ex-dividend date was Friday, September 5th. This represents a $4.80 annualized dividend and a dividend yield of 1.6%. L3Harris Technologies's dividend payout ratio (DPR) is 53.63%.

Analysts Set New Price Targets

LHX has been the subject of several research reports. Susquehanna lifted their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a report on Friday, July 25th. Citigroup lifted their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Barclays lifted their price target 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. Robert W. Baird boosted their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 83,000 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $279.90, for a total value 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 $40,747,282.20. This trade 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 link. Insiders have sold 195,138 shares of company stock valued at $53,571,774 in the last ninety days. Company insiders own 0.72% of the company's stock.

L3Harris Technologies Company 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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