Smith Chas P & Associates PA Cpas Purchases Shares of 1,575 L3Harris Technologies Inc $LHX

Key Points

• Smith Chas P & Associates PA Cpas acquired 1,575 shares of L3Harris Technologies Inc, valued at approximately $395,000, as part of their new position in the company during the 2nd quarter.
• CEO Christopher E. Kubasik sold 83,000 shares for a total of $23.2 million, decreasing his ownership by about 36.31% amid reported insider transactions.
• L3Harris Technologies recently delivered strong quarterly results, posting $2.78 earnings per share, surpassing estimates, and announced a $1.20 quarterly dividend to shareholders.

Smith Chas P & Associates PA Cpas acquired a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,575 shares of the company's stock, valued at approximately $395,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Clearstead Trust LLC bought a new stake in L3Harris Technologies in the 1st quarter valued at approximately $26,000. Nova Wealth Management Inc. acquired a new position in L3Harris Technologies during the first quarter worth $26,000. Beacon Capital Management LLC increased its stake in 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 last quarter. Independence Bank of Kentucky boosted its stake in shares of L3Harris Technologies by 44.4% during the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock worth $33,000 after buying an additional 40 shares during the last quarter. Finally, Cornerstone Planning Group LLC grew its stake in L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock valued at $39,000 after purchasing an additional 139 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on LHX. Royal Bank Of Canada increased their price objective on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday, July 25th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Truist Financial increased their price objective on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Finally, Robert W. Baird raised their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

Insider Transactions at L3Harris Technologies

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 transaction, the chief executive officer owned 145,578 shares in the company, valued at $40,747,282.20. This represents a 36.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 195,138 shares of company stock valued at $53,571,774 in the last 90 days. Company insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $293.83 on Monday. The firm has a fifty day simple moving average of $275.90 and a two-hundred day simple moving average of $247.05. 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 twelve month low of $193.09 and a twelve month high of $293.94. The company has a market capitalization of $54.98 billion, a PE ratio of 32.83, a P/E/G ratio of 2.15 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data 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 business had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The business's revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the business posted $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

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

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.

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