L3Harris Technologies (NYSE:LHX) Trading Up 1.4% – Here’s Why

L3Harris Technologies, Inc. (NYSE:LHX)’s share price was up 1.4% during mid-day trading on Monday . The company traded as high as $265.28 and last traded at $264.27. Approximately 88,089 shares changed hands during trading, a decline of 90% from the average daily volume of 904,372 shares. The stock had previously closed at $260.60.

Wall Street Analysts Forecast Growth

LHX has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft dropped 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 report on Thursday, October 3rd. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a research report on Thursday, October 10th. StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Finally, Citigroup raised their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Trading Down 0.0 %

The firm’s 50-day simple moving average is $241.95 and its 200-day simple moving average is $231.48. The firm has a market capitalization of $49.63 billion, a P/E ratio of 41.73, a price-to-earnings-growth ratio of 2.18 and a beta of 0.72. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the firm posted $3.19 EPS. The firm’s revenue was up 7.7% compared to the same quarter last year. Analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

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 of this dividend is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.77%. L3Harris Technologies’s dividend payout ratio is 73.30%.

Insider Buying and Selling

In other news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the sale, the insider now owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 8,964 shares of company stock worth $2,179,119 in the last quarter. 0.82% of the stock is owned by insiders.

Institutional Trading of L3Harris Technologies

Several large investors have recently modified their holdings of LHX. QRG Capital Management Inc. increased its position in shares of L3Harris Technologies by 6.3% during the first quarter. QRG Capital Management Inc. now owns 2,431 shares of the company’s stock valued at $518,000 after buying an additional 145 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of L3Harris Technologies in the 1st quarter worth approximately $228,000. State Board of Administration of Florida Retirement System raised its position in shares of L3Harris Technologies by 9.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 215,262 shares of the company’s stock worth $42,243,000 after acquiring an additional 18,631 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of L3Harris Technologies by 18.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 240,182 shares of the company’s stock valued at $51,183,000 after purchasing an additional 36,981 shares during the period. Finally, Condor Capital Management boosted its position in shares of L3Harris Technologies by 56.3% during the first quarter. Condor Capital Management now owns 12,079 shares of the company’s stock valued at $2,574,000 after purchasing an additional 4,353 shares in the last quarter. 84.76% of the stock is owned by institutional investors.

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.