L3Harris Technologies (NYSE:LHX) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of L3Harris Technologies (NYSE:LHX) from a hold rating to a buy rating in a report released on Monday morning.

Other analysts have also issued reports about the stock. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. 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 research report on Thursday, October 3rd. Truist Financial lifted their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup increased their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Wells Fargo & Company lifted their price target on L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a report on Monday. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $261.50.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $245.54 on Monday. The firm has a 50 day moving average of $238.05 and a two-hundred day moving average of $228.24. The stock has a market capitalization of $46.58 billion, a PE ratio of 39.86, a P/E/G ratio of 2.10 and a beta of 0.73. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. L3Harris Technologies has a 52 week low of $176.15 and a 52 week high of $258.89.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the business posted $3.19 earnings per share. L3Harris Technologies’s revenue was up 7.7% compared to the same quarter last year. On average, research analysts predict 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. Stockholders of record on Monday, November 18th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s payout ratio is currently 75.32%.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the completion of the sale, the insider now owns 16,316 shares in the company, valued at $3,861,670.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position 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 acquiring an additional 2,606,267 shares during the period. Price T Rowe Associates Inc. MD increased its holdings 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 purchasing an additional 45,845 shares during the period. Bank of New York Mellon Corp raised its stake in shares of L3Harris Technologies by 19.7% during the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after purchasing an additional 523,315 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of L3Harris Technologies by 1.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after purchasing an additional 27,763 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its position 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 buying an additional 31,686 shares during 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.