L3Harris Technologies (NYSE:LHX) Trading Up 1.6% – What’s Next?

L3Harris Technologies, Inc. (NYSE:LHX) was up 1.6% during mid-day trading on Tuesday . The stock traded as high as $244.95 and last traded at $244.41. Approximately 131,176 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 907,242 shares. The stock had previously closed at $240.60.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on LHX shares. Wells Fargo & Company increased their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a research note on Thursday, October 10th. Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Finally, Barclays raised their price objective on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Four 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 stock currently has a consensus rating of “Moderate Buy” and an average price target of $269.67.

L3Harris Technologies Price Performance

The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average is $245.04 and its 200-day moving average is $233.54. The company has a market cap of $46.46 billion, a PE ratio of 38.67, a PEG ratio of 2.07 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly 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. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company 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 company earned $3.19 earnings per share. L3Harris Technologies’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the sale, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. This represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 8,964 shares of company stock worth $2,179,119. 0.87% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of LHX. EntryPoint Capital LLC lifted its stake in shares of L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after buying an additional 69 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its position in L3Harris Technologies by 1.8% during the first quarter. Silvercrest Asset Management Group LLC now owns 49,319 shares of the company’s stock valued at $10,510,000 after purchasing an additional 865 shares during the period. B. Riley Wealth Advisors Inc. lifted its position in L3Harris Technologies by 2.8% during the first quarter. B. Riley Wealth Advisors Inc. now owns 7,074 shares of the company’s stock valued at $1,507,000 after purchasing an additional 193 shares during the period. Coppell Advisory Solutions Corp. bought a new position in L3Harris Technologies during the first quarter valued at approximately $2,199,000. Finally, Comerica Bank lifted its position in L3Harris Technologies by 5.1% during the first quarter. Comerica Bank now owns 86,019 shares of the company’s stock valued at $18,331,000 after purchasing an additional 4,148 shares during the period. Hedge funds and other 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.