Spectrum Asset Management Inc. NB CA Trims Stake in L3Harris Technologies Inc $LHX

Spectrum Asset Management Inc. NB CA lowered its position in L3Harris Technologies Inc (NYSE:LHX) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,335 shares of the company’s stock after selling 377 shares during the period. L3Harris Technologies makes up approximately 1.7% of Spectrum Asset Management Inc. NB CA’s investment portfolio, making the stock its 23rd biggest holding. Spectrum Asset Management Inc. NB CA’s holdings in L3Harris Technologies were worth $3,847,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of LHX. Nuveen LLC purchased a new position in L3Harris Technologies during the 1st quarter valued at $299,157,000. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of L3Harris Technologies by 946.6% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company’s stock worth $164,297,000 after purchasing an additional 709,948 shares during the last quarter. Wellington Management Group LLP boosted its stake 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 purchasing an additional 557,610 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of L3Harris Technologies by 15.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company’s stock valued at $486,898,000 after purchasing an additional 311,886 shares during the period. Finally, Appaloosa LP bought a new position in shares of L3Harris Technologies in the first quarter worth about $62,793,000. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $301.58 on Wednesday. The firm has a market cap of $56.43 billion, a price-to-earnings ratio of 33.70, a PEG ratio of 2.22 and a beta of 0.76. L3Harris Technologies Inc has a 52-week low of $193.09 and a 52-week high of $305.94. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company’s 50 day moving average is $280.33 and its 200 day moving average is $251.12.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping 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 company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same quarter in the prior year, the business earned $3.24 earnings per share. L3Harris Technologies’s revenue was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, sell-side analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, September 5th. L3Harris Technologies’s payout ratio is 53.63%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of L3Harris Technologies from $265.00 to $280.00 and gave the company a “sector perform” rating in a report on Friday, July 25th. Barclays raised their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 29th. Truist Financial boosted their price target on L3Harris Technologies from $279.00 to $302.00 and gave the company a “buy” rating in a report on Friday, July 25th. Wall Street Zen raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. Finally, Robert W. Baird raised their price objective on L3Harris Technologies from $274.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, July 25th. Fourteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $279.47.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the business’s stock in a transaction dated 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. The trade was a 36.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 195,138 shares of company stock valued at $53,571,774 in the last ninety days. Insiders own 0.72% of the company’s stock.

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.