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

L3Harris Technologies, Inc. (NYSE:LHX)’s stock price was up 2% during trading on Friday . The stock traded as high as $260.59 and last traded at $259.88. Approximately 90,471 shares changed 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 the company. Citigroup upped their target price on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Truist Financial upped their price target on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Wells Fargo & Company upped their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Finally, Royal Bank of Canada raised their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Trading Up 2.3 %

The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The business’s 50 day moving average price is $240.87 and its 200-day moving average price is $230.43. The firm has a market cap of $49.43 billion, a price-to-earnings ratio of 41.17, a price-to-earnings-growth ratio of 2.14 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data 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. The firm had revenue of $5.29 billion for 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%. L3Harris Technologies’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.19 earnings per share. Equities analysts expect that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm 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 $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the completion of the transaction, the insider now directly owns 16,316 shares of the company’s stock, valued at approximately $3,861,670.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 8,964 shares of company stock valued at $2,179,119. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of L3Harris Technologies by 12.9% during the first quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after acquiring an additional 2,606,267 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in 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 worth $2,052,411,000 after purchasing an additional 45,845 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of L3Harris Technologies by 19.7% in the second 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 raised its holdings in shares of L3Harris Technologies by 1.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock valued at $485,215,000 after buying an additional 27,763 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of L3Harris Technologies by 2.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock worth $334,429,000 after buying 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.