L3Harris Technologies, Inc. (NYSE:LHX) Announces Quarterly Dividend of $1.16

L3Harris Technologies, Inc. (NYSE:LHX) announced a quarterly dividend on Friday, April 19th, RTT News reports. Stockholders of record on Tuesday, June 4th will be given a dividend of 1.16 per share on Tuesday, June 18th. This represents a $4.64 annualized dividend and a dividend yield of 2.26%.

L3Harris Technologies has raised its dividend payment by an average of 10.3% per year over the last three years and has raised its dividend every year for the last 23 years. L3Harris Technologies has a dividend payout ratio of 32.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect L3Harris Technologies to earn $14.16 per share next year, which means the company should continue to be able to cover its $4.56 annual dividend with an expected future payout ratio of 32.2%.

L3Harris Technologies Stock Up 1.7 %

LHX stock opened at $205.45 on Friday. The company’s 50 day simple moving average is $210.30 and its 200-day simple moving average is $199.84. The firm has a market capitalization of $39.06 billion, a PE ratio of 31.90, a P/E/G ratio of 1.88 and a beta of 0.65. L3Harris Technologies has a 12 month low of $160.25 and a 12 month high of $218.34. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.82.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Friday, January 26th. The company reported $3.35 EPS for the quarter, beating the consensus estimate of $3.31 by $0.04. The business had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 6.32% and a return on equity of 12.68%. The company’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the business earned $3.27 earnings per share. Equities analysts expect that L3Harris Technologies will post 12.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Citigroup increased their price target on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company a “buy” rating in a research report on Tuesday, February 13th. Royal Bank of Canada raised their target price on shares of L3Harris Technologies from $235.00 to $245.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. UBS Group raised their target price on shares of L3Harris Technologies from $222.00 to $229.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. JPMorgan Chase & Co. upgraded shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $240.00 target price on the stock in a research report on Thursday, January 11th. Finally, StockNews.com lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $229.00.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 3,707 shares of L3Harris Technologies stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $211.47, for a total value of $783,919.29. Following the transaction, the insider now owns 28,644 shares in the company, valued at approximately $6,057,346.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Edward J. Zoiss sold 3,707 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $211.47, for a total value of $783,919.29. Following the transaction, the insider now owns 28,644 shares of the company’s stock, valued at approximately $6,057,346.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 40,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at approximately $24,654,658.50. The disclosure for this sale can be found here. Insiders have sold a total of 48,362 shares of company stock worth $10,261,360 in the last quarter. 0.82% of the stock is owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds have recently made changes to their positions in LHX. Vanguard Group Inc. increased its stake in L3Harris Technologies by 15.4% during the 4th quarter. Vanguard Group Inc. now owns 20,186,511 shares of the company’s stock worth $4,251,683,000 after buying an additional 2,692,770 shares during the period. Norges Bank acquired a new position in L3Harris Technologies during the 4th quarter valued at about $342,413,000. Cowa LLC acquired a new position in L3Harris Technologies during the 1st quarter valued at about $26,000. Renaissance Technologies LLC raised its position in shares of L3Harris Technologies by 284.1% during the 1st quarter. Renaissance Technologies LLC now owns 766,870 shares of the company’s stock worth $150,491,000 after buying an additional 567,200 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in shares of L3Harris Technologies in the 1st quarter worth approximately $83,532,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

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.