L3Harris Technologies (NYSE:LHX) Lowered to Sector Perform at Royal Bank of Canada

Royal Bank of Canada cut shares of L3Harris Technologies (NYSE:LHX) from an outperform rating to a sector perform rating in a research report report published on Wednesday, Marketbeat.com reports. Royal Bank of Canada currently has $240.00 price target on the stock, down from their previous price target of $250.00.

LHX has been the topic of several other reports. Susquehanna increased their price target on L3Harris Technologies from $260.00 to $270.00 and gave the stock a positive rating in a research report on Monday, July 29th. Wells Fargo & Company reduced their price target on L3Harris Technologies from $262.00 to $260.00 and set an overweight rating for the company in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft lowered L3Harris Technologies from a buy rating to a hold rating and upped their price objective for the stock from $245.00 to $257.00 in a research report on Friday, July 26th. Morgan Stanley lowered shares of L3Harris Technologies from an overweight rating to an equal weight rating and cut their target price for the company from $275.00 to $257.00 in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an overweight rating in a research report on Wednesday, May 1st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $244.43.

L3Harris Technologies Stock Up 0.9 %

L3Harris Technologies stock opened at $228.50 on Wednesday. L3Harris Technologies has a fifty-two week low of $160.25 and a fifty-two week high of $245.60. The company has a market cap of $43.34 billion, a PE ratio of 37.09, a PEG ratio of 1.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The business’s 50-day simple moving average is $227.65 and its two-hundred day simple moving average is $218.30.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same quarter in the prior year, the company earned $2.97 EPS. L3Harris Technologies’s quarterly revenue was up 12.9% on a year-over-year basis. Equities analysts anticipate that L3Harris Technologies will post 13.04 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date is Friday, September 6th. L3Harris Technologies’s dividend payout ratio is presently 75.32%.

Insiders Place Their Bets

In other news, SVP Scott T. Mikuen sold 10,527 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $230.00, for a total value of $2,421,210.00. Following the transaction, the senior vice president now owns 47,616 shares of the company’s stock, valued at approximately $10,951,680. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Christopher E. Kubasik sold 25,000 shares of L3Harris Technologies stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $225.11, for a total value of $5,627,750.00. Following the completion of the sale, the chief executive officer now owns 120,326 shares in the company, valued at approximately $27,086,585.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Scott T. Mikuen sold 10,527 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $230.00, for a total value of $2,421,210.00. Following the transaction, the senior vice president now owns 47,616 shares in the company, valued at $10,951,680. The disclosure for this sale can be found here. Insiders sold a total of 109,312 shares of company stock valued at $24,712,822 over the last quarter. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

Institutional investors have recently modified their holdings of the company. Bfsg LLC purchased a new stake in L3Harris Technologies during the first quarter worth about $25,000. Meeder Asset Management Inc. increased 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 worth $27,000 after buying an additional 86 shares during the period. Transcendent Capital Group LLC acquired a new stake in L3Harris Technologies during the 4th quarter worth approximately $28,000. EntryPoint Capital LLC boosted its position in L3Harris Technologies by 70.4% in the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after buying an additional 69 shares during the period. Finally, Versant Capital Management Inc increased 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 period. 84.76% of the stock is owned by institutional investors and hedge funds.

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.