L3Harris Technologies (NYSE:LHX) Shares Up 0.6% – Here’s Why

L3Harris Technologies, Inc. (NYSE:LHX) shares traded up 0.6% during trading on Friday . The company traded as high as $212.00 and last traded at $212.00. 254,879 shares traded hands during trading, a decline of 72% from the average session volume of 917,618 shares. The stock had previously closed at $210.64.

Analysts Set New Price Targets

LHX has been the topic of a number of recent analyst reports. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their price target for the company from $240.00 to $300.00 in a report on Thursday, October 31st. Citigroup boosted their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Royal Bank of Canada raised their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Finally, Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.13.

L3Harris Technologies Stock Performance

The company has a market cap of $40.59 billion, a P/E ratio of 33.81, a price-to-earnings-growth ratio of 1.91 and a beta of 0.72. The business has a 50 day moving average price of $243.07 and a two-hundred day moving average price of $234.66. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

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

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were issued a dividend of $1.16 per share. The ex-dividend date 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 Buying and Selling

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the sale, the insider now directly owns 10,340 shares in the company, valued at $2,563,596.20. The trade was a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 7,740 shares of company stock valued at $1,866,384 over the last quarter. 0.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On L3Harris Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its position in shares of L3Harris Technologies by 106.2% during the second quarter. Blue Trust Inc. now owns 332 shares of the company’s stock worth $71,000 after acquiring an additional 171 shares during the last quarter. Premier Path Wealth Partners LLC purchased a new stake in L3Harris Technologies during the second quarter valued at $332,000. Family Firm Inc. purchased a new position in shares of L3Harris Technologies in the 2nd quarter worth $45,000. LRI Investments LLC increased its holdings in shares of L3Harris Technologies by 21.8% in the 2nd quarter. LRI Investments LLC now owns 926 shares of the company’s stock worth $208,000 after buying an additional 166 shares during the last quarter. Finally, Schwartz Investment Counsel Inc. increased its stake in L3Harris Technologies by 128.4% during the second quarter. Schwartz Investment Counsel Inc. now owns 116,475 shares of the company’s stock worth $26,158,000 after acquiring an additional 65,475 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

About L3Harris Technologies

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.