L3Harris Technologies (NYSE:LHX) Trading Up 2.2% – Still a Buy?

L3Harris Technologies, Inc. (NYSE:LHX) shares shot up 2.2% on Wednesday . The company traded as high as $260.00 and last traded at $256.46. 247,952 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 906,441 shares. The stock had previously closed at $250.95.

Wall Street Analyst Weigh In

LHX has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a report on Thursday, October 10th. Barclays upped their price objective on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $267.50.

L3Harris Technologies Price Performance

The business has a 50 day simple moving average of $239.97 and a two-hundred day simple moving average of $229.89. The firm has a market capitalization of $48.64 billion, a P/E ratio of 40.51, a price-to-earnings-growth ratio of 2.06 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

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

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid 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 yield of 1.81%. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the sale, the insider now owns 13,328 shares in the company, valued at $3,261,095.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 8,964 shares of company stock worth $2,179,119 over the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Meeder Asset Management Inc. lifted its holdings in L3Harris Technologies by 260.6% in the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after buying an additional 86 shares during the period. Archer Investment Corp increased its holdings in L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after buying an additional 43 shares in the last quarter. EntryPoint Capital LLC raised its holdings in shares of L3Harris Technologies by 70.4% during the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after purchasing an additional 69 shares during the last quarter. Kennebec Savings Bank bought a new position in L3Harris Technologies during the third quarter valued at approximately $36,000. Finally, Versant Capital Management Inc boosted its holdings in L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after purchasing an additional 80 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

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.