Cornerstone Wealth Group LLC Makes New Investment in L3Harris Technologies Inc $LHX

Cornerstone Wealth Group LLC purchased a new stake in shares of L3Harris Technologies Inc (NYSE:LHX) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 810 shares of the company’s stock, valued at approximately $203,000.

Other hedge funds have also recently made changes to their positions in the company. Nuveen LLC bought a new position in L3Harris Technologies during the first quarter valued at approximately $299,157,000. Caisse DE Depot ET Placement DU Quebec raised its stake in L3Harris Technologies by 946.6% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 784,948 shares of the company’s stock valued at $164,297,000 after buying an additional 709,948 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of L3Harris Technologies by 12.2% during the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company’s stock valued at $1,074,208,000 after buying an additional 557,610 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company’s stock valued at $486,898,000 after buying an additional 311,886 shares during the period. Finally, Appaloosa LP bought a new stake in shares of L3Harris Technologies in the first quarter worth $62,793,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the firm’s stock in a transaction 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 directly owned 145,578 shares of the company’s stock, valued at approximately $40,747,282.20. This trade represents a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 195,138 shares of company stock valued at $53,571,774 over the last ninety days. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $289.76 on Thursday. The firm has a market cap of $54.21 billion, a price-to-earnings ratio of 32.38, a P/E/G ratio of 2.19 and a beta of 0.76. The firm has a fifty day moving average price of $282.73 and a 200 day moving average price of $254.39. 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 debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, topping the consensus estimate of $2.48 by $0.30. The business 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 business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.24 EPS. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, sell-side analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Monday, November 17th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, November 17th. L3Harris Technologies’s dividend payout ratio is 53.63%.

Analyst Upgrades and Downgrades

LHX has been the topic of several research reports. Wall Street Zen raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Friday, August 22nd. Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of L3Harris Technologies in a research note on Wednesday, October 8th. Morgan Stanley raised their target price on shares of L3Harris Technologies from $250.00 to $350.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Royal Bank Of Canada increased their price objective on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a “sector perform” rating in a research note on Friday, July 25th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $287.63.

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.