StockNews.com Upgrades L3Harris Technologies (NYSE:LHX) to “Buy”

StockNews.com upgraded shares of L3Harris Technologies (NYSE:LHX) from a hold rating to a buy rating in a report published on Monday morning.

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada raised their price target on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday. Truist Financial boosted their target price on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday. Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Citigroup boosted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Susquehanna upped their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $247.47 on Monday. The firm has a market capitalization of $46.95 billion, a PE ratio of 40.17, a P/E/G ratio of 2.10 and a beta of 0.73. L3Harris Technologies has a 52 week low of $176.15 and a 52 week high of $258.89. The firm’s 50-day simple moving average is $238.37 and its 200 day simple moving average is $228.37. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56.

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 5.73% and a return on equity of 13.02%. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the firm earned $3.19 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities research analysts predict that L3Harris Technologies will post 13.06 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. Investors of record on Monday, November 18th will be given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the sale, the insider now directly owns 13,328 shares in the company, valued at $3,261,095.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

Large investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its stake in shares of L3Harris Technologies by 17.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after purchasing an additional 6,634 shares during the period. Edgestream Partners L.P. increased its stake in L3Harris Technologies by 151.6% during the 1st quarter. Edgestream Partners L.P. now owns 3,859 shares of the company’s stock worth $822,000 after buying an additional 2,325 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in L3Harris Technologies by 35.1% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 35,953 shares of the company’s stock worth $7,661,000 after buying an additional 9,341 shares during the period. Creative Planning lifted its holdings in L3Harris Technologies by 1.2% in the 3rd quarter. Creative Planning now owns 41,588 shares of the company’s stock worth $9,893,000 after buying an additional 512 shares in the last quarter. Finally, Mutual Advisors LLC boosted its position in L3Harris Technologies by 88.7% in the 1st quarter. Mutual Advisors LLC now owns 8,576 shares of the company’s stock valued at $1,827,000 after buying an additional 4,031 shares during the last quarter. Institutional investors and hedge funds 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.