State of Alaska Department of Revenue Sells 1,060 Shares of L3Harris Technologies Inc $LHX

Key Points

• The State of Alaska Department of Revenue reduced its holdings in L3Harris Technologies Inc by **3.5%**, selling **1,060 shares** during the second quarter, leaving it with a total of **29,008 shares** valued at **$7.27 million**.
• Analysts have given L3Harris Technologies strong ratings, with **thirteen** analysts rating it as a **"Buy"**, and the average price target at **$279.47** per share.
• CEO Christopher E. Kubasik sold **83,000 shares** at an average price of **$279.90**, resulting in a significant reduction of **36.31%** in his position within the company.

State of Alaska Department of Revenue lowered its holdings in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,008 shares of the company's stock after selling 1,060 shares during the quarter. State of Alaska Department of Revenue's holdings in L3Harris Technologies were worth $7,275,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clearstead Trust LLC bought a new stake in L3Harris Technologies during the 1st quarter valued at $26,000. Nova Wealth Management Inc. purchased a new stake in shares of L3Harris Technologies during the 1st quarter worth $26,000. Beacon Capital Management LLC boosted its position in L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. 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 during the last quarter. Finally, WPG Advisers LLC bought a new position in L3Harris Technologies in the first quarter worth about $39,000. 84.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on LHX shares. UBS Group increased their price target on shares of L3Harris Technologies from $262.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Robert W. Baird increased their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Finally, Citigroup increased 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. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

L3Harris Technologies Trading Up 1.6%

NYSE LHX opened at $293.83 on Monday. The company has a fifty day simple moving average of $275.90 and a two-hundred day simple moving average of $247.05. The stock has a market cap of $54.98 billion, a P/E ratio of 32.83, a P/E/G ratio of 2.15 and a beta of 0.76. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $293.94. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57.

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, topping analysts' consensus estimates 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 net margin of 7.94% and a return on equity of 11.82%. The business's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

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

Insider Activity

In other news, CEO Christopher E. Kubasik sold 83,000 shares of the company's stock in a transaction 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 sale, the chief executive officer directly owned 145,578 shares of the company's stock, valued at $40,747,282.20. This represents a 36.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 195,138 shares of company stock valued at $53,571,774 over the last three months. Company insiders own 0.72% of the company's stock.

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.

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