Twin Tree Management LP Purchases Shares of 28,080 L3Harris Technologies Inc $LHX

Key Points

• Twin Tree Management LP acquired a new stake in L3Harris Technologies, purchasing 28,080 shares valued at approximately $5.88 million.
• Several institutional investors, including Caisse DE Depot and Nuveen LLC, significantly increased their stakes in L3Harris Technologies, with institutional ownership now at 84.76%.
• Analysts have upgraded L3Harris Technologies, with several brokerages predicting a price target increase and a consensus rating of "Moderate Buy" based on recent earnings performance.

Twin Tree Management LP purchased a new position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 28,080 shares of the company's stock, valued at approximately $5,877,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in L3Harris Technologies by 1.9% during 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 buying an additional 181,550 shares in the last quarter. Wellington Management Group LLP lifted its position in L3Harris Technologies by 12.2% during the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after buying an additional 557,610 shares in the last quarter. Invesco Ltd. lifted its position in L3Harris Technologies by 5.0% during the 1st quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock worth $491,323,000 after buying an additional 112,271 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after buying an additional 311,886 shares in the last quarter. Finally, Nuveen LLC acquired a new position in L3Harris Technologies during the 1st quarter valued at about $299,157,000. Institutional investors and hedge funds own 84.76% of the company's stock.

Analysts Set New Price Targets

LHX has been the topic of a number of research reports. Royal Bank Of Canada upped their target price on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company 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. UBS Group upped their target price 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. Wall Street Zen upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Finally, Robert W. Baird upped their price target on L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Thirteen 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, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average price target of $279.47.

L3Harris Technologies Stock Down 0.9%

Shares of LHX traded down $2.38 during mid-day trading on Wednesday, hitting $272.74. 1,106,634 shares of the company's stock were exchanged, compared to its average volume of 1,057,554. The company has a market cap of $51.03 billion, a PE ratio of 23.14, a P/E/G ratio of 2.03 and a beta of 0.76. L3Harris Technologies Inc has a 52 week low of $193.09 and a 52 week high of $280.52. The company has a 50-day simple moving average of $267.41 and a 200 day simple moving average of $237.44. 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 issued its quarterly earnings results 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. The company 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 period last year, the business earned $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, research analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently disclosed 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. This represents a $4.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's dividend payout ratio is presently 53.63%.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 40,138 shares of the 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 of the company's stock, valued at approximately $39,236,182.56. This represents a 21.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 145,199 shares of company stock valued at $38,555,071. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies 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.