Herbst Group LLC Makes New Investment in L3Harris Technologies Inc $LHX

Herbst Group LLC purchased a new stake in L3Harris Technologies Inc (NYSE:LHX) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,355 shares of the company’s stock, valued at approximately $3,601,000. L3Harris Technologies accounts for about 2.2% of Herbst Group LLC’s holdings, making the stock its 20th biggest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Clearstead Trust LLC bought a new position in L3Harris Technologies during the first quarter worth about $26,000. Nova Wealth Management Inc. acquired a new position in shares of L3Harris Technologies in the 1st quarter worth approximately $26,000. Beacon Capital Management LLC lifted its position in shares of L3Harris Technologies by 79.5% during the 1st quarter. Beacon Capital Management LLC now owns 131 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Park Square Financial Group LLC acquired a new stake in L3Harris Technologies in the 4th quarter valued at $37,000. Finally, Cornerstone Planning Group LLC grew its position in L3Harris Technologies by 323.3% in the first quarter. Cornerstone Planning Group LLC now owns 182 shares of the company’s stock valued at $39,000 after acquiring an additional 139 shares during the period. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Trading Down 0.7%

Shares of NYSE LHX opened at $284.27 on Thursday. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $288.23. The company has a 50-day moving average of $274.85 and a two-hundred day moving average of $245.49. The company has a market cap of $53.19 billion, a PE ratio of 31.76, a P/E/G ratio of 2.09 and a beta of 0.76. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The business had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.31 billion. During the same period in the prior year, the firm earned $3.24 earnings per share. L3Harris Technologies’s revenue was up 2.4% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, equities 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 announced a quarterly dividend, which was paid on Monday, September 22nd. Stockholders of record on Friday, September 5th were given a dividend of $1.20 per share. The ex-dividend date was Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. L3Harris Technologies’s payout ratio is presently 53.63%.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 83,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the transaction, the chief executive officer owned 145,578 shares in the company, valued at $40,747,282.20. This trade represents a 36.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 195,138 shares of company stock worth $53,571,774 over the last quarter. Corporate insiders own 0.72% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Truist Financial lifted their price objective on L3Harris Technologies from $279.00 to $302.00 and gave the company a “buy” rating in a report on Friday, July 25th. Citigroup lifted their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a “buy” rating in a report on Friday, July 25th. Wall Street Zen raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a report on Monday, July 14th. Finally, Barclays boosted 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. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $279.47.

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.