Townsend Asset Management Corp NC ADV Acquires Shares of 867 L3Harris Technologies Inc $LHX

Key Points

• Townsend Asset Management Corp NC ADV acquired 867 shares of L3Harris Technologies Inc valued at approximately $218,000 in the second quarter, highlighting significant institutional interest in the company.
• L3Harris Technologies reported earnings of $2.78 per share for the last quarter, surpassing analysts' expectations, and announced a quarterly dividend of $1.20, equating to an annualized yield of 1.6%.
• Analysts have increased their price targets for L3Harris Technologies, with Robert W. Baird setting a new target at $320.00, indicating strong confidence in the company's future performance.

Townsend Asset Management Corp NC ADV acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 867 shares of the company's stock, valued at approximately $218,000.

Other hedge funds have also made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in shares of L3Harris Technologies in the first quarter worth approximately $26,000. Nova Wealth Management Inc. bought a new position in L3Harris Technologies during the first quarter valued at approximately $26,000. Beacon Capital Management LLC raised 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 acquiring an additional 58 shares in the last quarter. Park Square Financial Group LLC bought a new position in L3Harris Technologies during the fourth quarter valued at approximately $37,000. Finally, Cornerstone Planning Group LLC grew its holdings in L3Harris Technologies by 323.3% during 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. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Stock Up 1.6%

Shares of NYSE LHX opened at $293.83 on Friday. The stock has a market cap of $54.98 billion, a PE ratio of 32.83, a PEG ratio of 2.11 and a beta of 0.76. The business has a fifty day moving average of $275.90 and a two-hundred day moving average of $246.54. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $293.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The company had revenue of $5.43 billion during 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 business's revenue was up 2.4% on a year-over-year basis. During the same period last year, the business earned $3.24 earnings per share. 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 firm also recently declared a quarterly dividend, which was paid on Monday, September 22nd. Investors of record on Friday, September 5th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, September 5th. L3Harris Technologies's payout ratio is currently 53.63%.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares of the company's stock, valued at $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 195,138 shares of company stock valued at $53,571,774 over the last three months. Insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Robert W. Baird upped their target price on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Royal Bank Of Canada raised their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Finally, Citigroup raised their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the stock 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 company. According to MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $279.47.

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.

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