T. Rowe Price Investment Management Inc. Purchases New Stake in L3Harris Technologies Inc $LHX

Key Points

• T. Rowe Price Investment Management Inc. acquired a new stake in L3Harris Technologies Inc, purchasing 152,519 shares valued at approximately $31.9 million, amounting to about 0.08% of the company.
• Analysts have raised their price targets for L3Harris, with UBS Group setting a new target of $280 and Robert W. Baird increasing theirs to $320, indicating strong confidence in the stock's performance.
• L3Harris Technologies announced a quarterly dividend of $1.20 per share, reflecting an annualized dividend yield of 1.7% and a payout ratio of 53.63%.

T. Rowe Price Investment Management Inc. acquired a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 152,519 shares of the company's stock, valued at approximately $31,924,000. T. Rowe Price Investment Management Inc. owned approximately 0.08% of L3Harris Technologies at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Clearstead Trust LLC acquired a new position in L3Harris Technologies during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC increased its position in L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Park Square Financial Group LLC acquired a new position in L3Harris Technologies during the 4th quarter worth approximately $37,000. Cornerstone Planning Group LLC increased its position in L3Harris Technologies by 323.3% during the 1st quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after purchasing an additional 139 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new position in L3Harris Technologies during the 1st quarter worth approximately $42,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have weighed in on LHX. Citigroup boosted their target price 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. Wall Street Zen raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Robert W. Baird boosted their target price 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. Truist Financial boosted 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. Finally, Susquehanna boosted 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. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Stock Down 0.2%

Shares of L3Harris Technologies stock traded down $0.49 during trading on Friday, reaching $276.56. 313,938 shares of the company traded hands, compared to its average volume of 1,407,917. 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 Inc has a 1-year low of $193.09 and a 1-year high of $280.52. The company has a 50 day moving average price of $265.76 and a 200-day moving average price of $235.63. The firm has a market capitalization of $51.74 billion, a PE ratio of 30.90, a P/E/G ratio of 2.02 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping 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 firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter in the prior year, the company posted $3.24 earnings per share. 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. As a group, equities research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders 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 annualized dividend and a dividend yield of 1.7%. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 40,138 shares of the stock in a transaction dated Monday, August 11th. The shares were 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 $39,236,182.56. This represents a 21.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 145,199 shares of company stock valued at $38,555,071 in the last three months. Corporate 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.