L3Harris Technologies Inc $LHX Shares Sold by Quarry LP

Key Points

• Quarry LP significantly decreased its stake in L3Harris Technologies by 89.8% during the first quarter, holding only 164 shares post-sale valued at $34,000.
• In contrast, several other institutional investors, including Nuveen LLC and Caisse DE Depot ET Placement DU Quebec, have made substantial increases to their stakes in L3Harris, indicating strong interest in the company.
• L3Harris Technologies has received positive analyst ratings, with a consensus rating of "Moderate Buy" and an average price target raised to $279.47, reflecting optimistic market sentiment for the stock.

Quarry LP trimmed its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 89.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 164 shares of the company's stock after selling 1,445 shares during the period. Quarry LP's holdings in L3Harris Technologies were worth $34,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Clearstead Trust LLC purchased a new position in shares of L3Harris Technologies during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC raised its holdings in L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Park Square Financial Group LLC acquired a new position in L3Harris Technologies during the fourth quarter worth $37,000. Cornerstone Planning Group LLC raised its holdings in L3Harris Technologies by 323.3% during the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after purchasing an additional 139 shares during the last quarter. Finally, WPG Advisers LLC acquired a new position in L3Harris Technologies during the first quarter worth $39,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

L3Harris Technologies stock traded down $1.41 during mid-day trading on Friday, hitting $279.22. 800,756 shares of the company were exchanged, compared to its average volume of 990,507. 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 business's 50 day simple moving average is $271.08 and its two-hundred day simple moving average is $241.38. The company has a market capitalization of $52.24 billion, a P/E ratio of 31.20, a PEG ratio of 2.05 and a beta of 0.76. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $281.67.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.30. The company had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.L3Harris Technologies's revenue was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business 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 annualized dividend and a yield of 1.7%. L3Harris Technologies's dividend payout ratio (DPR) is presently 53.63%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies 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 owned 145,578 shares of the company's stock, valued at $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 195,138 shares of company stock valued at $53,571,774 over the last ninety days. 0.72% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LHX shares. Robert W. Baird lifted their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the stock 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 stock a "buy" rating in a report on Friday, July 25th. Truist Financial lifted their price objective on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Royal Bank Of Canada lifted their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Finally, Susquehanna lifted their price objective on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average 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.