L3Harris Technologies (NYSE:LHX) Trading 0.6% Higher – Here’s Why

L3Harris Technologies, Inc. (NYSE:LHX)’s stock price shot up 0.6% on Tuesday . The company traded as high as $246.59 and last traded at $245.70. 122,821 shares changed hands during trading, a decline of 86% from the average session volume of 908,011 shares. The stock had previously closed at $244.27.

Analysts Set New Price Targets

LHX has been the topic of several research reports. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Susquehanna increased their price objective on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Wells Fargo & Company boosted their price target on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $267.50.

L3Harris Technologies Stock Down 0.4 %

The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The firm’s 50 day simple moving average is $243.46 and its 200-day simple moving average is $232.52. The company has a market capitalization of $46.14 billion, a price-to-earnings ratio of 38.82, a PEG ratio of 2.06 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the prior year, the business posted $3.19 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be issued a dividend of $1.16 per share. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 1.91%. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insiders Place Their Bets

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now owns 10,340 shares in the company, valued at approximately $2,563,596.20. This trade represents a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 8,964 shares of company stock worth $2,179,119. 0.87% of the stock is owned by corporate insiders.

Institutional Trading of L3Harris Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Manning & Napier Advisors LLC acquired a new position in L3Harris Technologies during the second quarter valued at approximately $210,886,000. Envestnet Asset Management Inc. lifted its stake in shares of L3Harris Technologies by 236.8% during the second quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock worth $222,186,000 after purchasing an additional 695,582 shares in the last quarter. Bank of New York Mellon Corp increased its stake in L3Harris Technologies by 19.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after buying an additional 523,315 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in L3Harris Technologies by 65.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock worth $97,532,000 after buying an additional 171,420 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of L3Harris Technologies by 23,627.0% during the third quarter. International Assets Investment Management LLC now owns 170,597 shares of the company’s stock worth $40,580,000 after acquiring an additional 169,878 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.