State of Wyoming Purchases New Position in L3Harris Technologies Inc $LHX

Key Points

• The State of Wyoming has acquired a new position in L3Harris Technologies Inc, purchasing 1,868 shares valued at approximately $391,000.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, equating to an annual yield of 1.7% and a payout ratio of 53.63%.
• Numerous hedge funds have recently adjusted their stakes in L3Harris Technologies, with 84.76% of the stock now owned by institutional investors.

State of Wyoming bought a new position in L3Harris Technologies Inc (NYSE:LHX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,868 shares of the company's stock, valued at approximately $391,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Price T Rowe Associates Inc. MD increased its holdings in shares of L3Harris Technologies by 1.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,833,024 shares of the company's stock worth $2,058,151,000 after purchasing an additional 181,550 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of L3Harris Technologies by 12.2% in the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after acquiring an additional 557,610 shares during the period. Invesco Ltd. grew its holdings in shares of L3Harris Technologies by 5.0% in the first quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock worth $491,323,000 after acquiring an additional 112,271 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of L3Harris Technologies by 15.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after acquiring an additional 311,886 shares during the period. Finally, Nuveen LLC purchased a new position in L3Harris Technologies during the first quarter valued at $299,157,000. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Down 0.9%

Shares of LHX traded down $2.38 during mid-day trading on Wednesday, reaching $272.74. 1,106,634 shares of the company's stock traded hands, compared to its average volume of 1,057,554. The stock has a market cap of $51.03 billion, a P/E ratio of 30.47, a P/E/G ratio of 2.03 and a beta of 0.76. The stock's 50-day moving average is $267.90 and its two-hundred day moving average is $237.69. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $280.52. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion for 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 company's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a $1.20 dividend. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.8%. L3Harris Technologies's payout ratio is presently 53.63%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on LHX shares. Barclays lifted their target price on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Citigroup lifted their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Royal Bank Of Canada lifted their target price on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Finally, UBS Group boosted their price objective on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a research note 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 MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 40,138 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $269.52, for a total value of $10,817,993.76. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,236,182.56. The trade was a 21.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 145,199 shares of company stock valued at $38,555,071 in the last ninety days. 0.72% of the stock is currently owned by insiders.

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.