L3Harris Technologies (NYSE:LHX) Price Target Raised to $293.00 at Truist Financial

L3Harris Technologies (NYSE:LHX) had its price objective upped by Truist Financial from $250.00 to $293.00 in a report published on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently weighed in on LHX. Wells Fargo & Company cut their price target on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Susquehanna increased their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Barclays boosted their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Finally, Citigroup boosted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $256.71.

L3Harris Technologies Price Performance

Shares of LHX stock opened at $248.78 on Friday. The firm’s 50 day moving average price is $235.12 and its two-hundred day moving average price is $226.11. The stock has a market cap of $47.19 billion, a PE ratio of 40.39, a PEG ratio of 2.08 and a beta of 0.73. L3Harris Technologies has a 52-week low of $169.55 and a 52-week high of $249.16. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.06. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the company earned $2.97 EPS. As a group, analysts forecast that L3Harris Technologies will post 13.06 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.87%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Insiders Place Their Bets

In related news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in L3Harris Technologies by 12.9% in the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after purchasing an additional 2,606,267 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of L3Harris Technologies by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock valued at $2,052,411,000 after buying an additional 45,845 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 acquiring an additional 523,315 shares during the period. Allspring Global Investments Holdings LLC raised its stake in L3Harris Technologies by 3.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,108,596 shares of the company’s stock valued at $449,342,000 after acquiring an additional 66,770 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its stake in L3Harris Technologies by 2.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock valued at $334,429,000 after acquiring an additional 31,686 shares during the period. Institutional investors own 84.76% of the company’s stock.

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.