L3Harris Technologies (NYSE:LHX) Trading Up 0.3% – Time to Buy?

L3Harris Technologies, Inc. (NYSE:LHX) traded up 0.3% during mid-day trading on Friday . The stock traded as high as $248.02 and last traded at $247.26. 48,968 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 906,477 shares. The stock had previously closed at $246.60.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on LHX shares. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Barclays boosted their price target on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Wells Fargo & Company increased their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a research note on Thursday, October 10th. Finally, Susquehanna lifted their price target 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. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Price Performance

The stock has a market capitalization of $47.07 billion, a PE ratio of 39.20, a price-to-earnings-growth ratio of 2.06 and a beta of 0.72. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The firm has a 50 day moving average price of $244.86 and a 200 day moving average price of $233.27.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, October 24th. 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 13.11% and a net margin of 5.71%. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the prior year, the business posted $3.19 earnings per share. The business’s quarterly revenue was up 7.7% on a year-over-year basis. Research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

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 issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.87%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the transaction, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. The trade was a 18.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 8,964 shares of company stock valued at $2,179,119 over the last three months. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

Several large investors have recently made changes to their positions in the business. Meeder Asset Management Inc. raised its stake in L3Harris Technologies by 260.6% during the 2nd 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. Archer Investment Corp grew its holdings in L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after buying an additional 43 shares in the last quarter. Kennebec Savings Bank bought a new stake in shares of L3Harris Technologies during the third quarter valued at approximately $36,000. EntryPoint Capital LLC lifted its holdings in shares of L3Harris Technologies by 70.4% in the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after buying an additional 69 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of 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 last quarter. 84.76% of the stock is currently 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.