UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Purchases 15,450 Shares of L3Harris Technologies Inc $LHX

Key Points

• UBS AM has increased its stake in L3Harris Technologies by 3.0%, now owning 537,264 shares valued at approximately $112.5 million.
• CEO Christopher E. Kubasik sold 83,000 shares for about $23.2 million, indicating a significant decrease in his ownership by 36.31%.
• The company reported a quarterly earnings per share of $2.78, exceeding analysts' expectations of $2.48, with a revenue increase of 2.4% year-over-year.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 537,264 shares of the company's stock after purchasing an additional 15,450 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.29% of L3Harris Technologies worth $112,455,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its position in shares of 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 increased its position in shares of L3Harris Technologies by 12.2% during the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock valued at $1,074,208,000 after acquiring an additional 557,610 shares during the last quarter. Invesco Ltd. lifted its holdings in L3Harris Technologies by 5.0% during 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 boosted its position in 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 purchasing an additional 311,886 shares during the last quarter. Finally, Nuveen LLC bought a new position in L3Harris Technologies in the 1st quarter valued at $299,157,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other 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 value of $23,231,700.00. Following the completion of the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $40,747,282.20. This trade represents a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 195,138 shares of company stock valued at $53,571,774 over the last quarter. Corporate insiders own 0.72% of the company's stock.

L3Harris Technologies Trading Down 0.5%

Shares of LHX stock opened at $279.22 on Friday. The stock has a market capitalization of $52.24 billion, a price-to-earnings ratio of 31.20, a PEG ratio of 2.05 and a beta of 0.76. The company's fifty day simple moving average is $271.08 and its two-hundred day simple moving average is $241.38. L3Harris Technologies Inc has a 1 year low of $193.09 and a 1 year high of $281.67. 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 announced its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The company had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same period in the previous year, the business earned $3.24 earnings per share. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be given a dividend of $1.20 per share. 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%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Robert W. Baird lifted their target price on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. UBS Group raised their price objective on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" 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 company a "buy" rating in a research note on Friday, July 25th. 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 note on Friday, July 25th. Finally, Barclays lifted their price target on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

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.

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