Woodline Partners LP Boosts Stock Position in L3Harris Technologies Inc $LHX

Key Points

• Woodline Partners LP increased its stake in L3Harris Technologies by 8.0%, acquiring an additional 17,256 shares for a total holding of 233,999 shares valued at approximately $48.98 million.
• CEO Christopher E. Kubasik sold 72,000 shares for $19.52 million, resulting in a 33.09% reduction in his ownership of the company's stock.
• L3Harris Technologies declared a quarterly dividend of $1.20 per share, set to be paid on September 22nd, reflecting an annualized yield of 1.8%.

Woodline Partners LP grew its stake in shares of L3Harris Technologies Inc (NYSE:LHX - Free Report) by 8.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 233,999 shares of the company's stock after acquiring an additional 17,256 shares during the quarter. Woodline Partners LP owned about 0.13% of L3Harris Technologies worth $48,978,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in LHX. Clearstead Trust LLC purchased a new stake in shares of L3Harris Technologies during the 1st quarter valued at about $26,000. Beacon Capital Management LLC boosted its holdings 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 last quarter. Park Square Financial Group LLC purchased a new position in shares of L3Harris Technologies in the fourth quarter worth approximately $37,000. Cornerstone Planning Group LLC boosted its holdings 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 last quarter. Finally, WPG Advisers LLC purchased a new position in shares of L3Harris Technologies in the first quarter worth approximately $39,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 83,000 shares of L3Harris Technologies stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $279.90, for a total transaction of $23,231,700.00. Following the sale, the chief executive officer owned 145,578 shares in the company, valued at $40,747,282.20. This trade represents a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 195,138 shares of company stock worth $53,571,774 in the last quarter. Company insiders own 0.72% of the company's stock.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock traded down $1.41 on Friday, hitting $279.22. 800,756 shares of the company traded hands, compared to its average volume of 990,507. The stock has a market capitalization of $52.24 billion, a P/E ratio of 31.20, a price-to-earnings-growth ratio of 2.05 and a beta of 0.76. 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 Inc has a 52 week low of $193.09 and a 52 week high of $281.67. The business has a 50-day simple moving average of $271.08 and a 200 day simple moving average of $241.38.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.30. The firm had revenue of $5.43 billion for 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 company's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.24 earnings per share. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. Research analysts expect 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 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 (DPR) is presently 53.63%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Robert W. Baird raised their price objective on shares of L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Sanford C. Bernstein reissued an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Truist Financial raised their price objective on shares of L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Royal Bank Of Canada raised their price objective on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Finally, Barclays raised their price objective 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 equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently 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.