Crescent Sterling Ltd. Reduces Stake in L3Harris Technologies Inc $LHX

Crescent Sterling Ltd. lowered its stake in L3Harris Technologies Inc (NYSE:LHX) by 5.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 1,710 shares of the company’s stock after selling 100 shares during the period. Crescent Sterling Ltd.’s holdings in L3Harris Technologies were worth $429,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LHX. Nuveen LLC purchased a new position in L3Harris Technologies in the first quarter worth about $299,157,000. Caisse DE Depot ET Placement DU Quebec grew its position in L3Harris Technologies by 946.6% in 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 acquiring an additional 709,948 shares in the last quarter. Wellington Management Group LLP grew its position in L3Harris Technologies by 12.2% in the first quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company’s stock worth $1,074,208,000 after acquiring an additional 557,610 shares in the last quarter. Appaloosa LP purchased a new position in L3Harris Technologies in the first quarter worth about $62,793,000. Finally, JPMorgan Chase & Co. boosted its position in shares of L3Harris Technologies by 60.8% during the first quarter. JPMorgan Chase & Co. now owns 767,493 shares of the company’s stock valued at $160,644,000 after buying an additional 290,269 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on LHX. Susquehanna restated a “positive” rating on shares of L3Harris Technologies in a research report on Friday. Truist Financial boosted their target price on L3Harris Technologies from $302.00 to $353.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Royal Bank Of Canada boosted their target price on L3Harris Technologies from $265.00 to $280.00 and gave the company a “sector perform” rating in a research report on Friday, July 25th. Finally, Citigroup boosted their target price on L3Harris Technologies from $300.00 to $323.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $290.31.

Insider Buying and Selling

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the business’s stock in a transaction that occurred on 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 owned 145,578 shares of the company’s stock, valued at $40,747,282.20. The trade was a 36.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $289.07 on Friday. The company has a 50 day moving average price of $286.92 and a 200-day moving average price of $261.33. 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 fifty-two week low of $193.09 and a fifty-two week high of $308.12. The company has a market capitalization of $54.08 billion, a PE ratio of 32.30, a P/E/G ratio of 2.09 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, October 30th. The company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.60 by $0.10. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The firm had revenue of $5.66 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the previous year, the firm posted $3.34 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.500-10.700 EPS. As a group, equities analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Monday, November 17th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 1.7%. L3Harris Technologies’s payout ratio is 51.56%.

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.