SEB Asset Management AB Purchases Shares of 24,361 L3Harris Technologies Inc $LHX

Key Points

• SEB Asset Management AB opened a new position in L3Harris Technologies during the first quarter, buying 24,361 shares valued at about $8.4 million.
• L3Harris reported better-than-expected quarterly results, with EPS of $2.72 versus estimates of $2.53 and revenue of $5.74 billion, up 11.9% year over year.
• The company also declared a quarterly dividend of $1.25 per share, equal to an annualized yield of about 1.8%, while analysts currently rate the stock Moderate Buy with a consensus target price of $354.75.

SEB Asset Management AB acquired a new position in L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 24,361 shares of the company's stock, valued at approximately $8,408,000.

A number of other hedge funds have also recently made changes to their positions in LHX. Artisan Partners Limited Partnership raised its position in L3Harris Technologies by 174.2% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,900,509 shares of the company's stock valued at $557,933,000 after purchasing an additional 1,207,334 shares during the period. Two Sigma Investments LP boosted its position in shares of L3Harris Technologies by 560.7% during the third quarter. Two Sigma Investments LP now owns 614,287 shares of the company's stock worth $187,609,000 after buying an additional 521,312 shares during the period. Boston Partners grew its stake in shares of L3Harris Technologies by 27.6% in the fourth quarter. Boston Partners now owns 2,401,871 shares of the company's stock valued at $709,396,000 after buying an additional 519,226 shares in the last quarter. M&T Bank Corp grew its stake in shares of L3Harris Technologies by 3,127.8% in the fourth quarter. M&T Bank Corp now owns 408,740 shares of the company's stock valued at $119,994,000 after buying an additional 396,077 shares in the last quarter. Finally, Diamant Asset Management Inc. raised its holdings in shares of L3Harris Technologies by 34,415.0% in the 1st quarter. Diamant Asset Management Inc. now owns 357,230 shares of the company's stock valued at $123,298,000 after buying an additional 356,195 shares during the period. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, VP Melanie Rakita sold 2,180 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $310.45, for a total transaction of $676,781.00. Following the completion of the transaction, the vice president owned 4,192 shares in the company, valued at $1,301,406.40. The trade was a 34.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.68% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on LHX. Weiss Ratings lowered L3Harris Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, June 23rd. Truist Financial upgraded shares of L3Harris Technologies to a "strong-buy" rating in a research note on Friday, May 1st. UBS Group reduced their price target on shares of L3Harris Technologies from $362.00 to $330.00 and set a "neutral" rating on the stock in a research report on Friday, May 1st. Sanford C. Bernstein lowered their price objective on shares of L3Harris Technologies to $405.00 and set an "outperform" rating for the company in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Saturday, April 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $354.75.

L3Harris Technologies Trading Down 1.1%

LHX opened at $277.60 on Wednesday. The business has a fifty day moving average price of $299.98 and a 200 day moving average price of $328.88. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.03 and a quick ratio of 0.89. L3Harris Technologies Inc has a 12 month low of $260.22 and a 12 month high of $379.23. The stock has a market capitalization of $51.71 billion, a price-to-earnings ratio of 30.14, a PEG ratio of 1.42 and a beta of 0.51.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $2.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.53 by $0.19. L3Harris Technologies had a return on equity of 10.65% and a net margin of 7.71%.The company had revenue of $5.74 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the company earned $2.41 EPS. L3Harris Technologies's revenue for the quarter was up 11.9% compared to the same quarter last year. L3Harris Technologies has set its FY 2026 guidance at 11.400-11.600 EPS. Sell-side analysts expect that L3Harris Technologies Inc will post 11.54 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were paid a $1.25 dividend. The ex-dividend date was Friday, June 5th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies's payout ratio is currently 54.29%.

L3Harris Technologies Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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