Calamos Advisors and other institutional investors have reduced and sold their holdings in L3Harris Technologies. The company's stock underperformed compared to its competitors despite an increase in sales volume. Despite a five-year decline in earnings, investor optimism has grown this past week. The company is favored by institutional owners who hold 86% of its shares. Debt management is said to be responsible although concerns remain on the amount of their liabilities.
L3Harris reported strong second quarter 2024 results that led to an increase in their 2024 guidance. Their shares hit 80-plus in relative strength rating benchmark. However, insiders are reported to have sold US$4.4m of their stock, possibly signalling caution. On a positive note, the company expanded its operations with a new location in Italy, and shows strong potential for future dividends.
L3Harris and Accenture collaborate to accelerate technology reinvention for growth. Despite experiencing an EPS miss, investor confidence remains as the company reported an EPS beat in Q2 2024. Furthermore, a multi-launch agreement with Firefly Aerospace promises future growth.
However, controversies such as US defense contractor L3Harris cutting 5% of its workforce to save costs raised concerns among investors. Despite this, the company remains undervalued according to some analysts.
L3harris Technologies LHX News Analytics from Sun, 07 Jan 2024 08:00:00 GMT to Mon, 26 Aug 2024 00:10:52 GMT - Rating -3 - Innovation 5 - Information 5 - Rumor 3