L3Harris Technologies (NYSE:LHX) Stock Price Up 1.1% – Time to Buy?

L3Harris Technologies, Inc. (NYSE:LHX) shares shot up 1.1% during mid-day trading on Wednesday . The company traded as high as $264.59 and last traded at $264.55. 104,198 shares were traded during trading, a decline of 88% from the average session volume of 903,698 shares. The stock had previously closed at $261.72.

Analyst Ratings Changes

LHX has been the subject of several analyst reports. Barclays raised their target price on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Truist Financial boosted their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Citigroup upped their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft cut their price target on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Finally, Royal Bank of Canada upped their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a report on Monday, October 28th. 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, the stock has an average rating of “Moderate Buy” and an average target price of $267.50.

L3Harris Technologies Trading Up 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 stock’s fifty day moving average price is $241.95 and its two-hundred day moving average price is $231.48. The stock has a market capitalization of $49.82 billion, a P/E ratio of 41.73, a price-to-earnings-growth ratio of 2.18 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 (EPS) for the quarter, topping 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 net margin of 5.71% and a return on equity of 13.11%. The business’s revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business earned $3.19 earnings per share. Equities research analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders 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 dividend yield of 1.77%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s 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 sale, the insider now owns 16,316 shares in the company, valued at approximately $3,861,670.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 8,964 shares of company stock worth $2,179,119 in the last three months. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On L3Harris Technologies

Institutional investors have recently modified their holdings of the stock. Avestar Capital LLC raised its position in shares of L3Harris Technologies by 4.2% in the 3rd quarter. Avestar Capital LLC now owns 1,255 shares of the company’s stock worth $299,000 after purchasing an additional 51 shares during the last quarter. Brooklyn Investment Group bought a new stake in L3Harris Technologies during the 3rd quarter valued at about $236,000. Covington Investment Advisors Inc. raised its holdings in L3Harris Technologies by 1.0% in the third quarter. Covington Investment Advisors Inc. now owns 28,519 shares of the company’s stock worth $6,784,000 after buying an additional 281 shares during the last quarter. Quantbot Technologies LP purchased a new position in L3Harris Technologies in the third quarter worth about $2,298,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of L3Harris Technologies by 4.8% in the third quarter. The Manufacturers Life Insurance Company now owns 455,095 shares of the company’s stock worth $108,253,000 after buying an additional 20,808 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other 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.