Cim Investment Management Inc. Buys 2,631 Shares of L3Harris Technologies Inc $LHX

Cim Investment Management Inc. lifted its stake in shares of L3Harris Technologies Inc (NYSE:LHX) by 99.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,271 shares of the company’s stock after purchasing an additional 2,631 shares during the period. Cim Investment Management Inc.’s holdings in L3Harris Technologies were worth $1,215,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in L3Harris Technologies by 52.3% in the second quarter. Bank of New York Mellon Corp now owns 4,117,030 shares of the company’s stock valued at $1,032,716,000 after acquiring an additional 1,413,833 shares during the last quarter. AGF Management Ltd. acquired a new stake in L3Harris Technologies in the 2nd quarter valued at about $324,940,000. Boston Partners grew its holdings in L3Harris Technologies by 72.1% during the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock worth $504,160,000 after purchasing an additional 838,546 shares during the period. Balyasny Asset Management L.P. increased its position in L3Harris Technologies by 8,284.6% during the second quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock worth $194,482,000 after buying an additional 766,075 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake 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 valued at $164,297,000 after buying an additional 709,948 shares during the period. 84.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

LHX has been the subject of several research analyst reports. Wall Street Zen upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Friday, August 22nd. BNP Paribas Exane began coverage on shares of L3Harris Technologies in a research report on Tuesday, November 18th. They set a “neutral” rating and a $290.00 price objective for the company. UBS Group increased their price objective on shares of L3Harris Technologies from $318.00 to $323.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. BNP Paribas upgraded shares of L3Harris Technologies to a “hold” rating in a research note on Tuesday, November 18th. Finally, Citigroup started coverage on shares of L3Harris Technologies in a research note on Thursday. They issued a “buy” rating and a $331.00 price target on the stock. Eleven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus price target of $295.50.

L3Harris Technologies Stock Down 1.0%

LHX opened at $286.84 on Friday. The stock has a fifty day moving average of $287.77 and a 200-day moving average of $274.41. The company has a market capitalization of $53.65 billion, a P/E ratio of 30.81, a P/E/G ratio of 2.01 and a beta of 0.65. 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 0.56, a quick ratio of 0.95 and a current ratio of 1.14.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, October 30th. The company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.60 by $0.10. L3Harris Technologies had a net margin of 8.09% and a return on equity of 11.08%. The business had revenue of $5.66 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the company posted $3.34 earnings per share. L3Harris Technologies’s revenue was up 6.9% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.500-10.700 EPS. On average, equities analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

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

Insider Activity

In related news, CEO Christopher E. Kubasik sold 14,171 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $301.05, for a total value of $4,266,179.55. Following the completion of the sale, the chief executive officer directly owned 144,426 shares in the company, valued at approximately $43,479,447.30. The trade was a 8.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies Company Profile

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.