Stack Financial Management Inc Sells 2,469 Shares of L3Harris Technologies Inc $LHX

Key Points

• Stack Financial Management Inc reduced its stake in L3Harris Technologies by 1.7%, holding 144,821 shares after selling 2,469 shares during the second quarter.
• Multiple institutional investors, including Gold Investment Management Ltd. and Janney Montgomery Scott LLC, have increased their positions in L3Harris Technologies, reflecting growing confidence in the company.
• L3Harris Technologies reported $2.78 earnings per share for the quarter, surpassing analyst estimates, with a revenue increase of 2.4% year-over-year.

Stack Financial Management Inc cut its holdings in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 1.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 144,821 shares of the company's stock after selling 2,469 shares during the period. L3Harris Technologies makes up about 3.2% of Stack Financial Management Inc's portfolio, making the stock its 7th largest holding. Stack Financial Management Inc owned 0.08% of L3Harris Technologies worth $36,327,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Gold Investment Management Ltd. grew its position in shares of L3Harris Technologies by 108.4% during the 2nd quarter. Gold Investment Management Ltd. now owns 1,738 shares of the company's stock valued at $437,000 after acquiring an additional 904 shares during the period. BankPlus Trust Department grew its position in shares of L3Harris Technologies by 6.9% during the 2nd quarter. BankPlus Trust Department now owns 5,854 shares of the company's stock valued at $1,468,000 after acquiring an additional 379 shares during the period. Janney Montgomery Scott LLC grew its position in shares of L3Harris Technologies by 20.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 193,381 shares of the company's stock valued at $48,508,000 after acquiring an additional 33,019 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of L3Harris Technologies by 5.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock valued at $926,000 after acquiring an additional 216 shares during the period. Finally, US Bancorp DE grew its position in shares of L3Harris Technologies by 1.6% during the 2nd quarter. US Bancorp DE now owns 344,112 shares of the company's stock valued at $86,317,000 after acquiring an additional 5,526 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Robert W. Baird raised their target price on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Susquehanna raised their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. Truist Financial raised their price target on shares of 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 raised their price target on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $278.19.

L3Harris Technologies Trading Down 1.9%

LHX opened at $292.45 on Monday. 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 company's 50 day simple moving average is $281.74 and its two-hundred day simple moving average is $253.22. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $308.12. The firm has a market capitalization of $54.72 billion, a price-to-earnings ratio of 32.68, a price-to-earnings-growth ratio of 2.14 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $5.31 billion. During the same period last year, the company posted $3.24 EPS. The business's revenue was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the firm's 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 directly owned 145,578 shares of the company's stock, valued at $40,747,282.20. This trade represents a 36.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last 90 days, insiders have sold 195,138 shares of company stock valued at $53,571,774. Company insiders own 0.72% of the company's stock.

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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