L3Harris Technologies Inc (NYSE:LHX) CEO Christopher E. Kubasik Sells 40,138 Shares

Key Points

• CEO Sale of Shares: L3Harris Technologies CEO Christopher E. Kubasik sold 40,138 shares for approximately $10.82 million, reducing his ownership stake by 21.61% to 145,578 shares.
• Quarterly Earnings Report: The company reported earnings of $2.78 per share, exceeding expectations, with a revenue increase of 2.4% year-over-year to $5.43 billion.
• Dividend Announcement: L3Harris Technologies declared a quarterly dividend of $1.20, with a payout date of September 22nd and a current dividend yield of 1.8%.

L3Harris Technologies Inc (NYSE:LHX - Get Free Report) CEO Christopher E. Kubasik sold 40,138 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $269.52, for a total value of $10,817,993.76. Following the sale, the chief executive officer owned 145,578 shares in the company, valued at $39,236,182.56. The trade was a 21.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

L3Harris Technologies Trading Down 0.1%

Shares of NYSE LHX traded down $0.33 during trading on Friday, hitting $270.72. 1,177,990 shares of the company were exchanged, compared to its average volume of 1,439,251. L3Harris Technologies Inc has a 12-month low of $193.09 and a 12-month high of $280.52. 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 firm has a market capitalization of $50.65 billion, a PE ratio of 30.25, a P/E/G ratio of 1.98 and a beta of 0.77. The company has a fifty day moving average price of $260.99 and a 200-day moving average price of $231.70.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The business 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 firm posted $3.24 earnings per share. The company's revenue was up 2.4% on a year-over-year basis. As a group, equities research analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. L3Harris Technologies's payout ratio is presently 53.63%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LHX. Susquehanna increased their price target on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a research report on Friday, July 25th. Wall Street Zen cut L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, August 5th. Royal Bank Of Canada raised their price objective on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Truist Financial raised their price objective on L3Harris Technologies from $279.00 to $302.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, Barclays raised their target price on L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $279.47.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Kiker Wealth Management LLC lifted its holdings in shares of L3Harris Technologies by 137.0% in the 2nd quarter. Kiker Wealth Management LLC now owns 109 shares of the company's stock valued at $27,000 after purchasing an additional 63 shares during the last quarter. Clearstead Trust LLC purchased a new position in shares of L3Harris Technologies during the 1st quarter worth approximately $26,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of L3Harris Technologies during the 2nd quarter worth approximately $34,000. Nova Wealth Management Inc. purchased a new position in shares of L3Harris Technologies during the 1st quarter worth approximately $26,000. Finally, Harbor Asset Planning Inc. acquired a new stake in shares of L3Harris Technologies in the 2nd quarter worth approximately $32,000. 84.76% of the stock is owned by institutional investors and hedge funds.

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.