L3Harris Technologies (NYSE:LHX) Shares Up 0.9% – Time to Buy?

L3Harris Technologies, Inc. (NYSE:LHX)’s share price traded up 0.9% during mid-day trading on Tuesday . The company traded as high as $250.05 and last traded at $249.31. 73,285 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 907,168 shares. The stock had previously closed at $247.07.

Wall Street Analyst Weigh In

LHX has been the topic of a number of recent research reports. Barclays raised their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Citigroup boosted their price target on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research note on Thursday, October 10th. Finally, Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $240.00 to $300.00 in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $267.50.

L3Harris Technologies Price Performance

The business’s fifty day moving average price is $239.97 and its 200 day moving average price is $229.89. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The stock has a market cap of $48.33 billion, a P/E ratio of 40.32, a PEG ratio of 2.06 and a beta of 0.72.

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

L3Harris Technologies Dividend Announcement

The company 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 $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the sale, the insider now directly owns 10,340 shares in the company, valued at $2,563,596.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 8,964 shares of company stock worth $2,179,119 in the last ninety days. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of L3Harris Technologies by 12.9% during the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after buying an additional 2,606,267 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in L3Harris Technologies by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock worth $2,052,411,000 after purchasing an additional 45,845 shares during the period. Bank of New York Mellon Corp increased its stake in L3Harris Technologies by 19.7% in the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after purchasing an additional 523,315 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of L3Harris Technologies by 1.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock valued at $485,215,000 after purchasing an additional 27,763 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of L3Harris Technologies by 2.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock worth $334,429,000 after purchasing an additional 31,686 shares in the last quarter. Institutional investors and hedge funds 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.