L3Harris Technologies (NYSE:LHX) Shares Up 0.4% – Time to Buy?

L3Harris Technologies, Inc. (NYSE:LHX)’s stock price shot up 0.4% on Wednesday . The company traded as high as $247.48 and last traded at $246.45. 172,018 shares were traded during trading, a decline of 81% from the average session volume of 906,831 shares. The stock had previously closed at $245.58.

Wall Street Analyst Weigh In

LHX has been the topic of a number of research analyst reports. Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $275.00 to $257.00 in a research report on Friday, August 9th. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a report on Thursday, October 10th. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research report on Tuesday. Wells Fargo & Company raised their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Citigroup upped their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $269.67.

L3Harris Technologies Price Performance

The company has a 50-day moving average price of $245.35 and a two-hundred day moving average price of $233.72. 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 has a market cap of $46.49 billion, a PE ratio of 38.93, a P/E/G ratio of 2.01 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 for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the business earned $3.19 earnings per share. The company’s revenue was up 7.7% compared to the same quarter last year. Sell-side analysts expect that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s payout ratio is 73.30%.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This trade represents a 18.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 8,964 shares of company stock valued at $2,179,119 in the last three months. 0.87% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. lifted its position in shares of L3Harris Technologies by 0.6% during the 3rd quarter. Franklin Resources Inc. now owns 218,228 shares of the company’s stock valued at $54,171,000 after acquiring an additional 1,221 shares during the last quarter. Peapack Gladstone Financial Corp lifted its holdings in shares of L3Harris Technologies by 0.5% in the third quarter. Peapack Gladstone Financial Corp now owns 41,577 shares of the company’s stock valued at $9,890,000 after purchasing an additional 194 shares in the last quarter. Synovus Financial Corp lifted its holdings in shares of L3Harris Technologies by 17.5% in the third quarter. Synovus Financial Corp now owns 6,734 shares of the company’s stock valued at $1,602,000 after purchasing an additional 1,003 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of L3Harris Technologies in the third quarter valued at $1,704,000. Finally, World Investment Advisors LLC lifted its holdings in shares of L3Harris Technologies by 220.3% in the third quarter. World Investment Advisors LLC now owns 32,580 shares of the company’s stock valued at $7,750,000 after purchasing an additional 22,407 shares in the last quarter. Institutional investors and hedge funds 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.