Vident Advisory LLC Purchases 196,329 Shares of L3Harris Technologies Inc $LHX

Key Points

• Vident Advisory LLC increased its holdings in L3Harris Technologies by 179.7%, acquiring an additional 196,329 shares, bringing its total ownership to 305,592 shares worth approximately $63.96 million.
• L3Harris recently reported earnings per share of $2.78, exceeding analysts' expectations, and had a revenue of $5.43 billion for the quarter, marking a 2.4% increase compared to the same period last year.
• The company announced a quarterly dividend of $1.20 per share, representing an annualized dividend of $4.80 and implying a yield of 1.7%, with a payout ratio of 53.63%.

Vident Advisory LLC grew its position in L3Harris Technologies Inc (NYSE:LHX - Free Report) by 179.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,592 shares of the company's stock after purchasing an additional 196,329 shares during the period. L3Harris Technologies makes up approximately 0.9% of Vident Advisory LLC's holdings, making the stock its 19th largest holding. Vident Advisory LLC owned approximately 0.16% of L3Harris Technologies worth $63,963,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Clearstead Trust LLC acquired a new position in shares of L3Harris Technologies in the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its position in shares of L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after buying an additional 58 shares during the period. Park Square Financial Group LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter worth about $37,000. Cornerstone Planning Group LLC boosted its position in shares of L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company's stock worth $39,000 after buying an additional 139 shares during the period. Finally, WPG Advisers LLC purchased a new stake in shares of L3Harris Technologies in the first quarter worth about $39,000. 84.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 40,138 shares of the firm's stock in a transaction 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 $39,236,182.56. This trade represents a 21.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 145,199 shares of company stock valued at $38,555,071 over the last ninety days. Company insiders own 0.72% of the company's stock.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded down $2.14 on Tuesday, reaching $275.48. 1,516,548 shares of the company were exchanged, compared to its average volume of 1,414,561. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The company's 50-day moving average is $266.84 and its two-hundred day moving average is $237.18. The firm has a market cap of $51.54 billion, a price-to-earnings ratio of 30.78, a P/E/G ratio of 2.03 and a beta of 0.76. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $280.52.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. The firm had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The firm's quarterly revenue was up 2.4% on a year-over-year basis. During the same period last year, the company posted $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Analysts Set New Price Targets

LHX has been the subject of several analyst reports. Truist Financial upped their target price on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Citigroup upped their target price on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Susquehanna boosted their price target on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Finally, Barclays boosted their price target on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 29th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $279.47.

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.