Strs Ohio Purchases New Position in L3Harris Technologies Inc $LHX

Key Points

• Strs Ohio invested approximately $28.27 million in L3Harris Technologies, acquiring 135,081 shares, thereby holding about 0.07% of the company.
• CEO Christopher E. Kubasik sold 40,138 shares of L3Harris for approximately $10.82 million, reducing his ownership by 21.61%.
• The company declared a quarterly dividend of $1.20 per share, representing an annualized dividend yield of 1.7%.

Strs Ohio purchased a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 135,081 shares of the company's stock, valued at approximately $28,274,000. Strs Ohio owned 0.07% of L3Harris Technologies as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Clearstead Trust LLC purchased a new stake in shares of L3Harris Technologies during the first quarter worth about $26,000. Beacon Capital Management LLC boosted its holdings in shares of L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the period. Park Square Financial Group LLC purchased a new stake in shares of L3Harris Technologies during the fourth quarter worth about $37,000. Cornerstone Planning Group LLC boosted its holdings in shares of L3Harris Technologies by 323.3% during the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after purchasing an additional 139 shares during the period. Finally, WPG Advisers LLC purchased a new stake in shares of L3Harris Technologies during the first quarter worth about $39,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at L3Harris Technologies

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 transaction of $23,231,700.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $40,747,282.20. This trade represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 195,138 shares of company stock worth $53,571,774 over the last ninety days. 0.72% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on LHX shares. Susquehanna increased their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Truist Financial increased their target price on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Citigroup raised their price objective on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Finally, Robert W. Baird raised their price objective 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 analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

L3Harris Technologies Stock Up 0.9%

Shares of NYSE LHX traded up $2.56 on Monday, reaching $281.76. 783,399 shares of the company's stock traded hands, compared to its average volume of 1,393,636. L3Harris Technologies Inc has a 12 month low of $193.09 and a 12 month high of $282.22. The business's 50 day simple moving average is $271.08 and its two-hundred day simple moving average is $241.91. The company has a market cap of $52.72 billion, a price-to-earnings ratio of 31.48, a price-to-earnings-growth ratio of 2.04 and a beta of 0.76. 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 (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter last year, the firm earned $3.24 earnings per share. The business's revenue for the quarter was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, equities research analysts forecast that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. L3Harris Technologies's dividend payout ratio (DPR) is currently 53.63%.

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.