L3Harris Technologies (NYSE:LHX) Sets New 12-Month High – Still a Buy?

L3Harris Technologies, Inc. (NYSE:LHX) shares reached a new 52-week high during trading on Tuesday . The stock traded as high as $245.94 and last traded at $245.94, with a volume of 454211 shares trading hands. The stock had previously closed at $237.87.

Analysts Set New Price Targets

Several equities research analysts have commented on LHX shares. Wells Fargo & Company cut their price target on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Susquehanna boosted their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Barclays upped their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada downgraded shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $250.00 to $240.00 in a report on Wednesday, August 14th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $246.54.

L3Harris Technologies Stock Performance

The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. The company’s 50-day simple moving average is $231.34 and its 200-day simple moving average is $223.13. The stock has a market capitalization of $46.11 billion, a price-to-earnings ratio of 39.72, a PEG ratio of 2.04 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. During the same period in the prior year, the company posted $2.97 EPS. The company’s revenue was up 12.9% on a year-over-year basis. On average, analysts expect that L3Harris Technologies, Inc. will post 13.06 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend was Friday, September 6th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, SVP Scott T. Mikuen sold 15,887 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares in the company, valued at $11,189,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other L3Harris Technologies news, SVP Scott T. Mikuen sold 15,887 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares in the company, valued at $11,189,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. The disclosure for this sale can be found here. Insiders sold a total of 32,390 shares of company stock worth $7,592,959 over the last three months. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Scout Investments Inc. boosted its stake in L3Harris Technologies by 59.4% in the fourth quarter. Scout Investments Inc. now owns 36,025 shares of the company’s stock valued at $7,588,000 after acquiring an additional 13,423 shares during the last quarter. Wellington Management Group LLP boosted its stake in L3Harris Technologies by 34.7% in the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock valued at $930,288,000 after acquiring an additional 1,138,549 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of L3Harris Technologies by 17.8% in 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. raised its position in shares of L3Harris Technologies by 151.6% in the first quarter. Edgestream Partners L.P. now owns 3,859 shares of the company’s stock valued at $822,000 after purchasing an additional 2,325 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of L3Harris Technologies by 0.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,585,362 shares of the company’s stock valued at $2,018,870,000 after purchasing an additional 40,448 shares during the period. 84.76% of the stock is 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.