L3Harris Technologies, Inc. (NYSE:LHX) Raises Dividend to $1.20 Per Share

L3Harris Technologies, Inc. (NYSE:LHX) declared a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Shareholders of record on Monday, March 10th will be given a dividend of 1.20 per share on Friday, March 21st. This represents a $4.80 annualized dividend and a yield of 2.18%. The ex-dividend date is Monday, March 10th. This is a 3.4% increase from L3Harris Technologies’s previous quarterly dividend of $1.16.

L3Harris Technologies has increased its dividend by an average of 4.4% annually over the last three years and has raised its dividend every year for the last 23 years. L3Harris Technologies has a dividend payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect L3Harris Technologies to earn $12.53 per share next year, which means the company should continue to be able to cover its $4.80 annual dividend with an expected future payout ratio of 38.3%.

L3Harris Technologies Stock Up 3.1 %

LHX stock opened at $220.47 on Friday. L3Harris Technologies has a 52 week low of $193.09 and a 52 week high of $265.74. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The firm has a 50-day simple moving average of $208.94 and a 200-day simple moving average of $227.66. The stock has a market capitalization of $41.52 billion, a P/E ratio of 28.01, a P/E/G ratio of 2.42 and a beta of 0.74.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. Equities analysts forecast that L3Harris Technologies will post 11.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

LHX has been the subject of several recent research reports. Truist Financial reduced their price objective on L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Argus upgraded shares of 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, November 26th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a research report on Thursday, January 2nd. JPMorgan Chase & Co. cut their price objective on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating for the company in a report on Friday, January 31st. Finally, Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $289.00 to $267.00 in a research note on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average price target of $261.40.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 1,764 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $213.65, for a total transaction of $376,878.60. Following the completion of the sale, the insider now directly owns 6,812 shares of the company’s stock, valued at approximately $1,455,383.80. This trade represents a 20.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 4,901 shares of company stock worth $1,059,757. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

A hedge fund recently raised its stake in L3Harris Technologies stock. Brighton Jones LLC increased its position in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 233.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,284 shares of the company’s stock after acquiring an additional 3,001 shares during the period. Brighton Jones LLC’s holdings in L3Harris Technologies were worth $901,000 at the end of the most recent quarter. 84.76% of the stock is currently owned by 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.