L3Harris Technologies (NYSE:LHX) Sets New 1-Year High After Analyst Upgrade

Shares of L3Harris Technologies Inc (NYSE:LHX) hit a new 52-week high during mid-day trading on Monday after Argus upgraded the stock to a strong-buy rating. The stock traded as high as $377.38 and last traded at $376.5340, with a volume of 440797 shares trading hands. The stock had previously closed at $364.54.

Other analysts have also issued research reports about the stock. BNP Paribas Exane upgraded shares of L3Harris Technologies to a “hold” rating in a research report on Tuesday, November 18th. Sanford C. Bernstein reissued an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, February 6th. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, January 30th. UBS Group raised their price objective on shares of L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Finally, Truist Financial set a $364.00 price target on shares of L3Harris Technologies in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $328.57.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of the business’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the transaction, the insider directly owned 5,916 shares in the company, valued at approximately $2,004,636.60. The trade was a 45.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

Institutional investors and hedge funds have recently modified their holdings of the company. Tempo Wealth LLC bought a new stake in L3Harris Technologies in the fourth quarter valued at approximately $1,063,000. MidFirst Bank bought a new stake in L3Harris Technologies in the 4th quarter valued at $343,000. Astoria Portfolio Advisors LLC. lifted its holdings in L3Harris Technologies by 11.3% during the 4th quarter. Astoria Portfolio Advisors LLC. now owns 1,231 shares of the company’s stock valued at $361,000 after purchasing an additional 125 shares during the last quarter. Pacer Advisors Inc. boosted its position in L3Harris Technologies by 20.7% during the fourth quarter. Pacer Advisors Inc. now owns 18,810 shares of the company’s stock worth $5,522,000 after purchasing an additional 3,222 shares during the period. Finally, Kera Capital Partners Inc. acquired a new position in shares of L3Harris Technologies in the fourth quarter valued at $404,000. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Price Performance

The company’s 50-day moving average price is $335.43 and its two-hundred day moving average price is $302.66. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02. The company has a market capitalization of $70.29 billion, a P/E ratio of 44.12, a price-to-earnings-growth ratio of 2.63 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. During the same period last year, the business posted $3.47 earnings per share. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, sell-side analysts expect that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, March 6th. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio (DPR) is 56.27%.

L3Harris Technologies Company 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.