L3Harris Technologies (NYSE:LHX) Reaches New 1-Year High After Analyst Upgrade

L3Harris Technologies, Inc. (NYSE:LHX) shares hit a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $250.00 to $293.00. Truist Financial currently has a buy rating on the stock. L3Harris Technologies traded as high as $250.88 and last traded at $249.21, with a volume of 29229 shares traded. The stock had previously closed at $248.78.

Several other equities analysts have also recently issued reports on LHX. Susquehanna lifted their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Barclays raised their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Citigroup raised their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $256.71.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the transaction, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

Institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. raised its position in shares of L3Harris Technologies by 260.6% in the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after purchasing an additional 86 shares during the period. EntryPoint Capital LLC increased its position in L3Harris Technologies by 70.4% during the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after acquiring an additional 69 shares during the period. Versant Capital Management Inc increased its position in L3Harris Technologies by 77.7% during the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after acquiring an additional 80 shares during the period. Family Firm Inc. bought a new position in L3Harris Technologies during the second quarter worth $45,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in L3Harris Technologies during the second quarter worth $57,000. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

The stock’s 50-day moving average is $235.84 and its 200-day moving average is $226.63. The firm has a market cap of $46.46 billion, a P/E ratio of 39.76, a price-to-earnings-growth ratio of 2.08 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 (NYSE:LHX) last announced its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. L3Harris Technologies’s revenue was up 12.9% compared to the same quarter last year. As a group, equities analysts anticipate that L3Harris Technologies, Inc. will post 13.06 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be paid 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 1.89%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

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.