Wellington Management Group LLP Boosts Stock Holdings in L3Harris Technologies Inc $LHX

Key Points

• Wellington Management Group LLP increased its stake in L3Harris Technologies Inc by 12.2%, holding over 5.1 million shares, valued at over $1 billion.
• Several institutional investors have also raised their positions in L3Harris, with 84.76% of the company's stock now owned by institutional investors.
• L3Harris reported strong quarterly earnings with an EPS of $2.78, exceeding analyst expectations, and announced a quarterly dividend of $1.20 per share.

Wellington Management Group LLP increased its position in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 12.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,132,140 shares of the company's stock after buying an additional 557,610 shares during the quarter. Wellington Management Group LLP owned about 2.75% of L3Harris Technologies worth $1,074,208,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Transce3nd LLC lifted its position in L3Harris Technologies by 7.9% in the first quarter. Transce3nd LLC now owns 652 shares of the company's stock valued at $137,000 after acquiring an additional 48 shares during the last quarter. Koshinski Asset Management Inc. lifted its position in L3Harris Technologies by 3.1% in the first quarter. Koshinski Asset Management Inc. now owns 1,688 shares of the company's stock valued at $353,000 after acquiring an additional 50 shares during the last quarter. Cobblestone Capital Advisors LLC NY lifted its position in L3Harris Technologies by 2.2% in the first quarter. Cobblestone Capital Advisors LLC NY now owns 2,404 shares of the company's stock valued at $503,000 after acquiring an additional 51 shares during the last quarter. CWC Advisors LLC. raised its holdings in shares of L3Harris Technologies by 2.1% in the fourth quarter. CWC Advisors LLC. now owns 2,596 shares of the company's stock valued at $546,000 after buying an additional 53 shares during the last quarter. Finally, Callan Capital LLC raised its holdings in shares of L3Harris Technologies by 5.0% in the first quarter. Callan Capital LLC now owns 1,107 shares of the company's stock valued at $232,000 after buying an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

L3Harris Technologies Price Performance

Shares of LHX stock traded down $0.3320 during trading hours on Thursday, hitting $275.8180. The company's stock had a trading volume of 908,539 shares, compared to its average volume of 1,430,873. The business has a fifty day moving average of $262.64 and a 200-day moving average of $232.84. The stock has a market cap of $51.61 billion, a price-to-earnings ratio of 30.82, a P/E/G ratio of 1.99 and a beta of 0.77. L3Harris Technologies Inc has a twelve month low of $193.09 and a twelve month high of $280.52. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.48 by $0.30. The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company's quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior 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 anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm 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 $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%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Barclays upped their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a report on Tuesday, July 29th. Citigroup boosted 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. Robert W. Baird boosted their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Susquehanna boosted their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research note on Friday, July 25th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $279.47.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the transaction, the chief executive officer owned 145,578 shares of the company's stock, valued at approximately $39,472,018.92. This represents a 33.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider directly owned 25,325 shares in the company, valued at $6,204,625. The trade was a 7.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 147,199 shares of company stock worth $39,045,071 in the last three months. 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.