Price T Rowe Associates Inc. MD Acquires 181,550 Shares of L3Harris Technologies Inc $LHX

Key Points

• Price T Rowe Associates Inc. MD increased its stake in L3Harris Technologies to 9,833,024 shares, valued at approximately $2.06 billion, reflecting a 1.9% increase in the first quarter.
• A number of institutional investors, including Nuveen LLC and JPMorgan Chase & Co., have also significantly increased their positions in L3Harris Technologies during the same period.
• The company has recently announced a quarterly dividend of $1.20, representing an annual yield of 1.7%, with a payout ratio of 53.63%.

Price T Rowe Associates Inc. MD raised its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 1.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,833,024 shares of the company's stock after acquiring an additional 181,550 shares during the period. Price T Rowe Associates Inc. MD owned about 5.26% of L3Harris Technologies worth $2,058,151,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of LHX. Nuveen LLC bought a new position in L3Harris Technologies in the first quarter valued at about $299,157,000. Wellington Management Group LLP grew its position in L3Harris Technologies by 12.2% in the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock valued at $1,074,208,000 after acquiring an additional 557,610 shares during the last quarter. GAMMA Investing LLC grew its position in L3Harris Technologies by 18,295.3% in the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company's stock valued at $107,424,000 after acquiring an additional 510,438 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in L3Harris Technologies by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after acquiring an additional 311,886 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in L3Harris Technologies by 60.8% in the first quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company's stock valued at $160,644,000 after acquiring an additional 290,269 shares during the last quarter. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Up 0.1%

LHX stock traded up $0.20 during midday trading on Monday, hitting $275.97. The stock had a trading volume of 686,885 shares, compared to its average volume of 1,420,780. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The firm has a market cap of $51.63 billion, a P/E ratio of 30.83, a price-to-earnings-growth ratio of 2.02 and a beta of 0.77. The business has a fifty day moving average price of $263.52 and a two-hundred day moving average price of $234.08. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The business had revenue of $5.43 billion for 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 quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.24 earnings per share. 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 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. Shareholders of record on Friday, September 5th will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. L3Harris Technologies's dividend payout ratio is 53.63%.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,138 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $269.52, for a total transaction of $10,817,993.76. Following the sale, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $39,236,182.56. This represents a 21.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the sale, the insider directly owned 25,325 shares in the company, valued at $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 147,199 shares of company stock worth $39,045,071 in the last ninety days. Insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Susquehanna lifted their target price on L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research report on Friday, July 25th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Friday. Truist Financial lifted their price target on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Barclays lifted their price target on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

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.