L3Harris Technologies (NYSE:LHX) Trading 0.4% Higher – Here’s What Happened

L3Harris Technologies, Inc. (NYSE:LHX) shares shot up 0.4% during mid-day trading on Wednesday . The company traded as high as $240.95 and last traded at $240.81. 110,083 shares were traded during trading, a decline of 88% from the average session volume of 902,538 shares. The stock had previously closed at $239.86.

Wall Street Analyst Weigh In

A number of research firms have recently commented on LHX. Citigroup increased their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a research note on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft cut their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Royal Bank of Canada lifted their target price 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. Finally, Morgan Stanley downgraded 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 report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $269.67.

L3Harris Technologies Price Performance

The company has a 50 day moving average of $246.42 and a 200 day moving average of $234.50. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $45.61 billion, a price-to-earnings ratio of 38.04, a price-to-earnings-growth ratio of 2.03 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data 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. The firm had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. L3Harris Technologies’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.19 earnings per share. As a group, equities research analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the transaction, the insider now owns 10,340 shares in the company, valued at $2,563,596.20. The trade was a 22.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LHX. Meeder Asset Management Inc. boosted its position in shares of L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after acquiring an additional 86 shares in the last quarter. Archer Investment Corp increased its position in shares of L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares in the last quarter. Kennebec Savings Bank bought a new stake in L3Harris Technologies in the 3rd quarter worth about $36,000. Family Firm Inc. bought a new stake in L3Harris Technologies in the 2nd quarter worth about $45,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in L3Harris Technologies in the second quarter valued at about $57,000. 84.76% of the stock is owned by institutional investors and hedge funds.

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.