L3Harris Technologies (NYSE:LHX) Price Target Raised to $295.00

L3Harris Technologies (NYSE:LHX) had its price target raised by Wells Fargo & Company from $260.00 to $295.00 in a research note published on Monday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities analysts have also issued reports on the stock. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Royal Bank of Canada lowered shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $250.00 to $240.00 in a report on Wednesday, August 14th. 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 report on Monday. Citigroup boosted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $261.50.

L3Harris Technologies Price Performance

NYSE LHX opened at $245.54 on Monday. The firm’s fifty day simple moving average is $238.05 and its two-hundred day simple moving average is $228.24. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. L3Harris Technologies has a 12-month low of $176.15 and a 12-month high of $258.89. The firm has a market capitalization of $46.58 billion, a P/E ratio of 39.86, a P/E/G ratio of 2.10 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX) last released its quarterly 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. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the company earned $3.19 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. Analysts forecast that L3Harris Technologies will post 13.06 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a $1.16 dividend. 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 1.89%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 75.32%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were 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 in the company, 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 legal filing with the SEC, which is accessible through this link. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Concurrent Investment Advisors LLC raised its position in shares of L3Harris Technologies by 2.0% in the third quarter. Concurrent Investment Advisors LLC now owns 18,253 shares of the company’s stock worth $4,342,000 after acquiring an additional 352 shares during the period. HMS Capital Management LLC raised its position in shares of L3Harris Technologies by 1.0% during the 3rd quarter. HMS Capital Management LLC now owns 4,850 shares of the company’s stock worth $1,154,000 after purchasing an additional 47 shares during the last quarter. Crestwood Advisors Group LLC raised its position in shares of L3Harris Technologies by 4.6% during the 3rd quarter. Crestwood Advisors Group LLC now owns 1,659 shares of the company’s stock worth $395,000 after purchasing an additional 73 shares during the last quarter. Sentry Investment Management LLC raised its position in shares of L3Harris Technologies by 3.3% during the 3rd quarter. Sentry Investment Management LLC now owns 2,854 shares of the company’s stock worth $679,000 after purchasing an additional 91 shares during the last quarter. Finally, Cary Street Partners Asset Management LLC raised its position in shares of L3Harris Technologies by 4.1% during the 3rd quarter. Cary Street Partners Asset Management LLC now owns 1,462 shares of the company’s stock worth $348,000 after purchasing an additional 58 shares during the last quarter. Institutional investors and hedge funds 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.