L3Harris Technologies (NYSE:LHX) Trading Up 2% – What’s Next?

L3Harris Technologies, Inc. (NYSE:LHX) shares were up 2% on Friday . The stock traded as high as $260.59 and last traded at $259.88. Approximately 90,471 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 904,549 shares. The stock had previously closed at $254.81.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LHX shares. Wells Fargo & Company increased their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $240.00 to $300.00 in a research report on Thursday, October 31st. Barclays increased their price objective on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Susquehanna increased their price objective on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research report on Monday, July 29th. Finally, Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $267.50.

L3Harris Technologies Trading Up 2.6 %

The company’s fifty day moving average price is $239.97 and its two-hundred day moving average price is $229.89. 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 company has a market cap of $49.61 billion, a price-to-earnings ratio of 41.06, a price-to-earnings-growth ratio of 2.06 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.07. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period last year, the firm posted $3.19 EPS. Research analysts expect that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business 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 dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the sale, the insider now directly owns 16,316 shares of the company’s stock, valued at $3,861,670.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 8,964 shares of company stock valued at $2,179,119. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in L3Harris Technologies by 12.9% during the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after buying an additional 2,606,267 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of L3Harris Technologies by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock valued at $2,052,411,000 after purchasing an additional 45,845 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of L3Harris Technologies by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after purchasing an additional 523,315 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of L3Harris Technologies by 1.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock valued at $485,215,000 after purchasing an additional 27,763 shares during the period. Finally, Diamond Hill Capital Management Inc. lifted its stake in shares of L3Harris Technologies by 2.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock valued at $334,429,000 after purchasing an additional 31,686 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

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.