L3Harris Technologies (NYSE:LHX) Trading Up 0.6% – Should You Buy?

L3Harris Technologies, Inc. (NYSE:LHX) traded up 0.6% during mid-day trading on Tuesday . The company traded as high as $246.59 and last traded at $245.70. 122,821 shares changed hands during trading, a decline of 86% from the average session volume of 908,011 shares. The stock had previously closed at $244.27.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Truist Financial lifted their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft decreased their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Citigroup upped their target price on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Susquehanna lifted their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research report on Monday, July 29th. Finally, Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Stock Down 0.4 %

The company’s 50 day simple moving average is $243.46 and its 200-day simple moving average is $232.52. The firm has a market capitalization of $46.14 billion, a PE ratio of 38.82, a PEG 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 issued its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates 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 was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.19 earnings per share. On average, 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 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Buying and Selling

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now directly owns 16,316 shares in the company, valued at approximately $3,861,670.88. This trade represents a 15.48 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 8,964 shares of company stock valued at $2,179,119 over the last three months. 0.87% of the stock is owned by company insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of institutional investors have recently made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new stake in shares of L3Harris Technologies during the 2nd quarter valued at about $210,886,000. Envestnet Asset Management Inc. boosted its position in L3Harris Technologies by 236.8% in the second quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock worth $222,186,000 after purchasing an additional 695,582 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of L3Harris Technologies by 19.7% during the 2nd 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 during the last quarter. The Manufacturers Life Insurance Company grew its position in L3Harris Technologies by 65.2% during the second quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock valued at $97,532,000 after buying an additional 171,420 shares during the period. Finally, International Assets Investment Management LLC raised its position in L3Harris Technologies by 23,627.0% in the third quarter. International Assets Investment Management LLC now owns 170,597 shares of the company’s stock worth $40,580,000 after acquiring an additional 169,878 shares during the period. Hedge funds and other 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.