L3Harris Technologies (NYSE:LHX) Trading Up 1.6% – What’s Next?

Shares of L3Harris Technologies, Inc. (NYSE:LHX) were up 1.6% during trading on Tuesday . The company traded as high as $244.95 and last traded at $244.41. Approximately 131,176 shares changed hands during trading, a decline of 86% from the average daily volume of 907,242 shares. The stock had previously closed at $240.60.

Analyst Upgrades and Downgrades

A number of analysts have commented on LHX shares. Susquehanna upped their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. Argus raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a report on Tuesday. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a report on Thursday, October 10th. Wells Fargo & Company increased their price objective on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Finally, Barclays increased their price objective on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.67.

L3Harris Technologies Stock Up 1.8 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The company’s 50-day simple moving average is $245.04 and its 200 day simple moving average is $233.54. The firm has a market cap of $46.46 billion, a P/E ratio of 38.67, a price-to-earnings-growth ratio of 2.07 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.07. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The business’s revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business earned $3.19 EPS. Research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.89%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the completion of the sale, the insider now owns 10,340 shares in the company, valued at $2,563,596.20. This trade represents a 22.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders sold 8,964 shares of company stock worth $2,179,119. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Manning & Napier Advisors LLC purchased a new position in L3Harris Technologies during the 2nd quarter valued at about $210,886,000. Envestnet Asset Management Inc. increased its position in L3Harris Technologies by 236.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock valued at $222,186,000 after purchasing an additional 695,582 shares during the period. Bank of New York Mellon Corp increased its position in L3Harris Technologies by 19.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after purchasing an additional 523,315 shares during the period. The Manufacturers Life Insurance Company increased its position in L3Harris Technologies by 65.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock valued at $97,532,000 after purchasing an additional 171,420 shares during the period. Finally, International Assets Investment Management LLC increased its position in L3Harris Technologies by 23,627.0% during the 3rd quarter. International Assets Investment Management LLC now owns 170,597 shares of the company’s stock valued at $40,580,000 after purchasing an additional 169,878 shares during the period. Institutional investors own 84.76% 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.