L3Harris Technologies (NYSE:LHX) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of L3Harris Technologies (NYSE:LHX) from a neutral rating to a buy rating in a research report released on Thursday morning, MarketBeat.com reports. The brokerage currently has $300.00 target price on the stock, up from their prior target price of $240.00.

A number of other research analysts have also commented on LHX. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft dropped 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. Wells Fargo & Company upped their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Finally, Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Stock Up 0.0 %

NYSE LHX opened at $247.48 on Thursday. The stock’s 50 day simple moving average is $238.70 and its 200 day simple moving average is $228.88. L3Harris Technologies has a one year low of $179.00 and a one year high of $258.89. The firm has a market cap of $46.94 billion, a PE ratio of 39.10, a price-to-earnings-growth ratio of 2.12 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the prior year, the business earned $3.19 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. As a group, sell-side analysts forecast that L3Harris Technologies will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors 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 annualized dividend and a dividend yield of 1.87%. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 16,316 shares in the company, valued at $3,861,670.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of L3Harris Technologies

A number of institutional investors have recently modified their holdings of LHX. First Trust Direct Indexing L.P. lifted its position in shares of L3Harris Technologies by 12.2% in the first quarter. First Trust Direct Indexing L.P. now owns 5,400 shares of the company’s stock worth $1,151,000 after purchasing an additional 586 shares in the last quarter. J.W. Cole Advisors Inc. lifted its position in L3Harris Technologies by 6.4% during the 1st quarter. J.W. Cole Advisors Inc. now owns 3,829 shares of the company’s stock worth $807,000 after buying an additional 230 shares in the last quarter. Diversify Advisory Services LLC acquired a new position in shares of L3Harris Technologies during the 1st quarter worth about $448,000. Peterson Wealth Services grew its holdings in shares of L3Harris Technologies by 5.8% in the 1st quarter. Peterson Wealth Services now owns 1,432 shares of the company’s stock valued at $305,000 after acquiring an additional 79 shares in the last quarter. Finally, Schulhoff & Co. Inc. increased its position in shares of L3Harris Technologies by 5.6% in the first quarter. Schulhoff & Co. Inc. now owns 1,637 shares of the company’s stock valued at $349,000 after acquiring an additional 87 shares during the last quarter. 84.76% of the stock is currently owned by 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.