L3Harris Technologies (NYSE:LHX) Shares Up 0.6% – Here’s What Happened

L3Harris Technologies, Inc. (NYSE:LHX)’s share price traded up 0.6% during trading on Friday . The company traded as high as $212.00 and last traded at $212.00. 254,879 shares were traded during mid-day trading, a decline of 72% from the average session volume of 917,618 shares. The stock had previously closed at $210.64.

Analyst Ratings Changes

Several research analysts have recently weighed in on LHX shares. Deutsche Bank Aktiengesellschaft reduced their price objective on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Citigroup raised their price target on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. 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 report on Thursday, October 31st. StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Finally, Argus raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.13.

L3Harris Technologies Stock Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The company has a market capitalization of $40.50 billion, a price-to-earnings ratio of 33.74, a PEG ratio of 1.91 and a beta of 0.72. The stock has a 50-day moving average price of $242.42 and a 200-day moving average price of $234.62.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results 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 business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $3.19 EPS. As a group, analysts forecast that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th were issued a $1.16 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 2.17%. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $223.62, for a total transaction of $394,465.68. Following the transaction, the insider now owns 8,576 shares in the company, valued at approximately $1,917,765.12. This trade represents a 17.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 7,740 shares of company stock worth $1,866,384 over the last three months. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LHX. Independent Solutions Wealth Management LLC acquired a new stake in shares of L3Harris Technologies during the third quarter worth $250,000. Principal Financial Group Inc. raised its stake in L3Harris Technologies by 2.0% in the 3rd quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock worth $52,395,000 after purchasing an additional 4,321 shares in the last quarter. Copley Financial Group Inc. bought a new stake in L3Harris Technologies in the 3rd quarter valued at about $449,000. Franklin Resources Inc. boosted its holdings in L3Harris Technologies by 0.6% in the 3rd quarter. Franklin Resources Inc. now owns 218,228 shares of the company’s stock valued at $54,171,000 after purchasing an additional 1,221 shares during the period. Finally, Peapack Gladstone Financial Corp grew its position in shares of L3Harris Technologies by 0.5% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 41,577 shares of the company’s stock worth $9,890,000 after purchasing an additional 194 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

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.