L3Harris Technologies (NYSE:LHX) Shares Up 0.2% – Still a Buy?

L3Harris Technologies, Inc. (NYSE:LHX)’s share price was up 0.2% during mid-day trading on Thursday . The stock traded as high as $257.09 and last traded at $256.99. Approximately 89,696 shares were traded during trading, a decline of 90% from the average daily volume of 905,727 shares. The stock had previously closed at $256.45.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on LHX shares. 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. Susquehanna raised their price target on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. Royal Bank of Canada raised their price target on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Wells Fargo & Company raised their price target on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Finally, Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $267.50.

L3Harris Technologies Stock Performance

The firm has a market cap of $48.50 billion, a price-to-earnings ratio of 40.60, a P/E/G ratio of 2.06 and a beta of 0.72. The stock has a 50 day moving average of $239.97 and a 200 day moving average of $229.89. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

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, 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 for the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the previous year, the business posted $3.19 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now directly owns 10,340 shares in the company, valued at approximately $2,563,596.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 8,964 shares of company stock worth $2,179,119 over the last 90 days. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of L3Harris Technologies by 12.9% during the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after purchasing an additional 2,606,267 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of L3Harris Technologies by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock valued at $2,052,411,000 after purchasing an additional 45,845 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of 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 last quarter. Allspring Global Investments Holdings LLC increased its position in shares of L3Harris Technologies by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock valued at $485,215,000 after purchasing an additional 27,763 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its position in shares of L3Harris Technologies by 2.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock valued at $334,429,000 after purchasing an additional 31,686 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

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.