Cullen Frost Bankers Inc. Sells 2,553 Shares of L3Harris Technologies Inc $LHX

Cullen Frost Bankers Inc. cut its stake in L3Harris Technologies Inc (NYSE:LHX) by 3.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 63,357 shares of the company’s stock after selling 2,553 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in L3Harris Technologies were worth $19,350,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in L3Harris Technologies by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 23,170,042 shares of the company’s stock valued at $5,811,973,000 after buying an additional 121,619 shares in the last quarter. State Street Corp lifted its holdings in shares of L3Harris Technologies by 1.2% in the second quarter. State Street Corp now owns 8,874,482 shares of the company’s stock worth $2,226,075,000 after buying an additional 105,402 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of L3Harris Technologies by 0.8% in the second quarter. Geode Capital Management LLC now owns 4,948,981 shares of the company’s stock valued at $1,236,410,000 after acquiring an additional 38,820 shares during the period. Bank of New York Mellon Corp grew its stake in L3Harris Technologies by 52.3% during 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 in the last quarter. Finally, Boston Partners increased its holdings in L3Harris Technologies by 72.1% during the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company’s stock worth $504,160,000 after acquiring an additional 838,546 shares during the period. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $354.66 on Friday. The stock has a market cap of $66.34 billion, a price-to-earnings ratio of 38.09, a P/E/G ratio of 2.20 and a beta of 0.66. The company has a current ratio of 1.14, a quick ratio of 0.95 and a debt-to-equity ratio of 0.56. L3Harris Technologies Inc has a 1-year low of $193.09 and a 1-year high of $361.59. The stock’s 50-day moving average is $301.06 and its 200 day moving average is $288.27.

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

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a $1.25 dividend. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. L3Harris Technologies’s payout ratio is presently 51.56%.

Analyst Upgrades and Downgrades

LHX has been the subject of several analyst reports. Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, December 29th. Morgan Stanley lifted their price objective on L3Harris Technologies from $250.00 to $350.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 15th. Truist Financial set a $364.00 target price on L3Harris Technologies in a research report on Wednesday, January 14th. Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a research note on Monday, January 12th. Finally, BNP Paribas Exane raised L3Harris Technologies to a “hold” rating in a report on Tuesday, November 18th. Fourteen 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 has an average rating of “Moderate Buy” and an average target price of $315.73.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 14,171 shares of L3Harris Technologies stock in a transaction dated 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 transaction, the chief executive officer 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.72% of the company’s stock.

L3Harris Technologies 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.