L3Harris Technologies (NYSE:LHX) Trading Up 2% – Here’s What Happened

L3Harris Technologies, Inc. (NYSE:LHX)’s share price was up 2% during mid-day trading on Friday . The company traded as high as $260.59 and last traded at $259.88. Approximately 90,471 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 904,549 shares. The stock had previously closed at $254.81.

Analysts Set New Price Targets

Several equities research analysts have commented on LHX shares. Truist Financial boosted their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Royal Bank of Canada raised their price target on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Barclays raised their price target on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Finally, Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, L3Harris Technologies presently has an average rating of “Moderate Buy” and an average target price of $267.50.

L3Harris Technologies Stock Up 2.6 %

The firm’s 50 day simple moving average is $239.97 and its two-hundred day simple moving average is $229.89. The firm has a market cap of $49.61 billion, a price-to-earnings ratio of 41.06, a PEG 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.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating 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 business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the previous year, the company posted $3.19 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared 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. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s payout ratio is currently 73.30%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the transaction, the insider now directly owns 10,340 shares of the company’s stock, valued at $2,563,596.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 8,964 shares of company stock valued at $2,179,119 over the last quarter. 0.87% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the business. Avior Wealth Management LLC boosted its stake in L3Harris Technologies by 616.6% in the third quarter. Avior Wealth Management LLC now owns 2,637 shares of the company’s stock valued at $627,000 after buying an additional 2,269 shares in the last quarter. Second Half Financial Partners LLC acquired a new stake in shares of L3Harris Technologies in the 3rd quarter valued at approximately $3,076,000. SouthState Corp grew its holdings in shares of L3Harris Technologies by 2.5% during the 3rd quarter. SouthState Corp now owns 57,370 shares of the company’s stock valued at $13,647,000 after purchasing an additional 1,401 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its position in L3Harris Technologies by 30.7% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 2,397 shares of the company’s stock worth $570,000 after purchasing an additional 563 shares in the last quarter. Finally, Prospera Financial Services Inc lifted its stake in L3Harris Technologies by 13.7% in the 3rd quarter. Prospera Financial Services Inc now owns 43,115 shares of the company’s stock valued at $10,257,000 after purchasing an additional 5,185 shares during the last quarter. Institutional investors own 84.76% of the company’s stock.

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.