L3Harris Technologies (NYSE:LHX) Stock Price Up 0.4% – What’s Next?

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

Analyst Ratings Changes

A number of brokerages recently issued reports on LHX. Royal Bank of Canada upped 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. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their target price for the company from $240.00 to $300.00 in a research report on Thursday, October 31st. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price objective on the stock in a report on Tuesday. Finally, Citigroup boosted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.67.

L3Harris Technologies Price Performance

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 50 day moving average price of $245.96 and a 200 day moving average price of $233.88. The firm has a market cap of $46.53 billion, a PE ratio of 38.76, a PEG ratio of 2.05 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. L3Harris Technologies’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.19 EPS. Sell-side analysts expect 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 dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s payout ratio is 73.30%.

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of the 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 completion of the transaction, the insider now owns 13,328 shares in the company, valued at $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 is available through this hyperlink. Insiders sold 8,964 shares of company stock valued at $2,179,119 in the last three months. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in LHX. B. Riley Wealth Advisors Inc. grew its holdings in shares of L3Harris Technologies by 2.8% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,074 shares of the company’s stock worth $1,507,000 after acquiring an additional 193 shares during the period. Sanibel Captiva Trust Company Inc. increased its position in shares of L3Harris Technologies by 9.6% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 1,959 shares of the company’s stock valued at $417,000 after buying an additional 171 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of L3Harris Technologies by 236.3% during the 1st quarter. Cetera Investment Advisers now owns 63,530 shares of the company’s stock worth $13,538,000 after buying an additional 44,641 shares during the last quarter. Cetera Advisors LLC boosted its position in shares of L3Harris Technologies by 100.4% in the 1st quarter. Cetera Advisors LLC now owns 30,855 shares of the company’s stock worth $6,575,000 after buying an additional 15,457 shares in the last quarter. Finally, Boston Partners grew its stake in L3Harris Technologies by 18.5% in the 1st quarter. Boston Partners now owns 964,243 shares of the company’s stock valued at $205,484,000 after acquiring an additional 150,685 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.