L3Harris Technologies (NYSE:LHX) Shares Gap Up After Strong Earnings

L3Harris Technologies, Inc. (NYSE:LHX) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $244.17, but opened at $257.80. L3Harris Technologies shares last traded at $256.33, with a volume of 194,038 shares traded.

The company reported $3.34 EPS for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter 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.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given 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 yield of 1.84%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Wall Street Analyst Weigh In

LHX has been the subject of several analyst reports. Susquehanna boosted 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. Wells Fargo & Company decreased their price objective on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Citigroup boosted their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft decreased their price objective on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Finally, Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $256.71.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

Several large investors have recently bought and sold shares of LHX. Wealthcare Advisory Partners LLC purchased a new stake in L3Harris Technologies during the 1st quarter worth approximately $216,000. Wealth Enhancement Advisory Services LLC increased its stake in L3Harris Technologies by 18.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 37,204 shares of the company’s stock worth $7,928,000 after buying an additional 5,877 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in L3Harris Technologies during the 1st quarter worth approximately $265,000. Independence Bank of Kentucky increased its stake in L3Harris Technologies by 63.0% during the 1st quarter. Independence Bank of Kentucky now owns 515 shares of the company’s stock worth $110,000 after buying an additional 199 shares in the last quarter. Finally, Griffin Asset Management Inc. increased its stake in L3Harris Technologies by 2.9% during the 1st quarter. Griffin Asset Management Inc. now owns 5,365 shares of the company’s stock worth $1,143,000 after buying an additional 151 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Trading Up 3.5 %

The company has a 50 day simple moving average of $236.59 and a 200 day simple moving average of $226.89. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The company has a market capitalization of $47.92 billion, a PE ratio of 41.02, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73.

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.