L3Harris Technologies, Inc. (NYSE:LHX) Declares Quarterly Dividend of $1.20

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 of this dividend 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 increased its dividend every year for the last 23 years. L3Harris Technologies has a payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. 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 %

Shares of NYSE LHX opened at $220.47 on Friday. The company has a 50 day simple moving average of $208.94 and a 200 day simple moving average of $227.66. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90. L3Harris Technologies has a 1 year low of $193.09 and a 1 year high of $265.74. The firm has a market cap of $41.52 billion, a PE ratio of 28.01, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LHX shares. JPMorgan Chase & Co. decreased their price target on L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Deutsche Bank Aktiengesellschaft lowered their price target on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. Raymond James downgraded shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $240.00 price objective on shares of L3Harris Technologies in a research report on Friday, January 31st. Finally, Citigroup cut their price target on shares of L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $261.40.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Ross Niebergall sold 1,373 shares of L3Harris Technologies stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $210.06, for a total transaction of $288,412.38. Following the completion of the transaction, the insider now directly owns 5,049 shares in the company, valued at $1,060,592.94. This trade represents a 21.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 4,901 shares of company stock valued at $1,059,757. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

A hedge fund recently raised its stake in L3Harris Technologies stock. Brighton Jones LLC lifted its stake in shares of L3Harris Technologies, Inc. (NYSE:LHX) by 233.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,284 shares of the company’s stock after buying 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. 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.