Commerzbank Aktiengesellschaft FI acquired a new stake in shares of L3Harris Technologies Inc (NYSE:LHX – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 2,000 shares of the company’s stock, valued at approximately $581,000.
A number of other hedge funds also recently bought and sold shares of the business. REAP Financial Group LLC boosted its holdings in shares of L3Harris Technologies by 12.9% during the 4th quarter. REAP Financial Group LLC now owns 254 shares of the company’s stock worth $74,000 after purchasing an additional 29 shares during the last quarter. CYBER HORNET ETFs LLC increased its holdings in shares of L3Harris Technologies by 5.8% in the fourth quarter. CYBER HORNET ETFs LLC now owns 547 shares of the company’s stock valued at $161,000 after purchasing an additional 30 shares during the last quarter. Turtle Creek Wealth Advisors LLC increased its holdings in shares of L3Harris Technologies by 3.7% in the fourth quarter. Turtle Creek Wealth Advisors LLC now owns 862 shares of the company’s stock valued at $253,000 after purchasing an additional 31 shares during the last quarter. Keudell Morrison Wealth Management lifted its position in L3Harris Technologies by 0.7% during the first quarter. Keudell Morrison Wealth Management now owns 4,631 shares of the company’s stock worth $1,598,000 after buying an additional 31 shares in the last quarter. Finally, Prestige Wealth Management Group LLC lifted its position in L3Harris Technologies by 25.2% during the fourth quarter. Prestige Wealth Management Group LLC now owns 159 shares of the company’s stock worth $47,000 after buying an additional 32 shares in the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.
L3Harris Technologies Price Performance
L3Harris Technologies stock opened at $280.26 on Wednesday. The company’s 50 day simple moving average is $291.83 and its 200-day simple moving average is $322.11. The company has a market capitalization of $52.19 billion, a price-to-earnings ratio of 28.31, a price-to-earnings-growth ratio of 1.10 and a beta of 0.51. L3Harris Technologies Inc has a 1 year low of $262.68 and a 1 year high of $379.23. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.03 and a current ratio of 1.18.
L3Harris Technologies Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, September 4th. L3Harris Technologies’s dividend payout ratio is 50.51%.
Key L3Harris Technologies News
Here are the key news stories impacting L3Harris Technologies this week:
- Positive Sentiment: Experienced successor appointed immediately: L3Harris named Sam Mehta president and CEO effective immediately. Mehta is an aerospace and defense executive with company experience, which may reduce uncertainty around operations and customer relationships during the transition. L3Harris names insider Sam Mehta CEO as Christopher Kubasik steps down
- Positive Sentiment: Defense technology demonstrated: At the Army’s Project Convergence-Capstone 6 exercise, L3Harris showcased interoperable communications, Link 16 integration, sensors and effectors designed for coordinated operations in contested environments. The event supports the company’s positioning in multi-domain defense systems and potential future government contracts. L3Harris Demonstrates Multi-Domain Supremacy at Annual Project Convergence Exercise
- Positive Sentiment: Undersea-defense expansion continues: A new Rhode Island facility is intended to support advanced training systems for U.S. and allied fleets, potentially strengthening L3Harris’s undersea-defense growth prospects. Can L3Harris’ New Rhode Island Facility Strengthen Undersea Growth?
- Neutral Sentiment: Operations were not cited as the issue: The board said Kubasik’s departure followed an investigation into a conduct violation unrelated to the company’s financial reporting. Investors will likely focus on whether the leadership change affects execution, government contracts or strategic priorities.
- Negative Sentiment: CEO’s abrupt dismissal weighs on confidence: Kubasik was removed after the board determined he violated L3Harris’s code of conduct. The sudden change creates governance and continuity concerns, while reports that he previously left Lockheed Martin over an improper relationship may intensify reputational concerns. Defense contractor L3Harris ousts CEO Chris Kubasik over unspecified conduct
Analysts Set New Price Targets
Several analysts have issued reports on the company. Susquehanna dropped their target price on L3Harris Technologies from $410.00 to $350.00 and set a “positive” rating for the company in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of L3Harris Technologies in a research report on Tuesday. Truist Financial upgraded L3Harris Technologies to a “strong-buy” rating in a research report on Friday, May 1st. Sanford C. Bernstein cut their target price on L3Harris Technologies to $405.00 and set an “outperform” rating for the company in a research note on Monday, May 4th. Finally, UBS Group reduced their target price on L3Harris Technologies from $312.00 to $298.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $365.00.
L3Harris Technologies Company Profile
L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.
The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.
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