L3Harris Technologies (NYSE:LHX) Trading Up 0.3% – Here’s Why

Shares of L3Harris Technologies, Inc. (NYSE:LHX) were up 0.3% on Monday . The company traded as high as $225.31 and last traded at $223.75. Approximately 185,969 shares were traded during trading, a decline of 80% from the average daily volume of 908,128 shares. The stock had previously closed at $223.16.

Analyst Upgrades and Downgrades

LHX has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft lowered their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research note on Thursday, October 10th. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Truist Financial upped their price target on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, Royal Bank of Canada lifted their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $269.13.

L3Harris Technologies Price Performance

The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The business’s fifty day moving average is $244.28 and its 200 day moving average is $234.98. The company has a market cap of $40.48 billion, a P/E ratio of 33.72, a PEG ratio of 1.91 and a beta of 0.72.

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

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th were given a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a yield of 2.17%. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the sale, the insider now directly owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. This represents a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Institutional Trading of L3Harris Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of LHX. KCM Investment Advisors LLC raised its holdings in shares of L3Harris Technologies by 43.8% in the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock valued at $4,584,000 after acquiring an additional 5,868 shares in the last quarter. Fortem Financial Group LLC bought a new position in shares of L3Harris Technologies in the third quarter worth approximately $841,000. Creative Planning raised its stake in L3Harris Technologies by 1.2% in the third quarter. Creative Planning now owns 41,588 shares of the company’s stock valued at $9,893,000 after purchasing an additional 512 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in L3Harris Technologies during the third quarter valued at approximately $35,904,000. Finally, GDS Wealth Management grew its stake in L3Harris Technologies by 4.5% in the 3rd quarter. GDS Wealth Management now owns 76,701 shares of the company’s stock worth $18,245,000 after buying an additional 3,275 shares in the last quarter. 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.