SouthState Corp Has $12.66 Million Holdings in L3Harris Technologies Inc (NYSE:LHX)

Key Points

• SouthState Corp increased its holdings in L3Harris Technologies Inc by 4.6% in the first quarter, now owning 60,495 shares valued at approximately $12.66 million.
• L3Harris reported quarterly earnings of $2.78 EPS, surpassing the consensus estimate of $2.48, and its revenue increased by 2.4% year-over-year.
• The company has a current market cap of $50.46 billion, with a P/E ratio of 30.13 and an annualized dividend yield of 1.8% set for payout on September 22nd.

SouthState Corp raised its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 4.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 60,495 shares of the company's stock after purchasing an additional 2,651 shares during the quarter. SouthState Corp's holdings in L3Harris Technologies were worth $12,662,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in LHX. Brighton Jones LLC increased its position in L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after purchasing an additional 3,001 shares during the period. Federated Hermes Inc. increased its position in L3Harris Technologies by 11.5% during the 4th quarter. Federated Hermes Inc. now owns 25,216 shares of the company's stock valued at $5,302,000 after purchasing an additional 2,598 shares during the period. Scotia Capital Inc. increased its position in L3Harris Technologies by 1.9% during the 4th quarter. Scotia Capital Inc. now owns 8,207 shares of the company's stock valued at $1,726,000 after purchasing an additional 152 shares during the period. Treasurer of the State of North Carolina increased its position in L3Harris Technologies by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 83,285 shares of the company's stock valued at $17,513,000 after purchasing an additional 520 shares during the period. Finally, Sterling Capital Management LLC increased its position in L3Harris Technologies by 39.9% during the 4th quarter. Sterling Capital Management LLC now owns 14,130 shares of the company's stock valued at $2,971,000 after purchasing an additional 4,028 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Performance

NYSE LHX opened at $269.69 on Friday. The company has a fifty day simple moving average of $258.25 and a 200 day simple moving average of $229.85. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $280.52. 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 company has a market cap of $50.46 billion, a P/E ratio of 30.13, a PEG ratio of 1.97 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results 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. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter last year, the firm posted $3.24 EPS. L3Harris Technologies's revenue was up 2.4% compared to the same quarter last year. 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 disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's payout ratio is currently 53.63%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on LHX. UBS Group lifted their price objective on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Royal Bank Of Canada boosted their target price 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. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Wall Street Zen downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Finally, Citigroup boosted their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies 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 transaction, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. The trade was a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at $39,472,018.92. This represents a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 107,061 shares of company stock worth $28,227,077 over the last ninety days. 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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