L3Harris Technologies (NYSE:LHX) Hits New 1-Year High Following Analyst Upgrade

Shares of L3Harris Technologies Inc (NYSE:LHX) reached a new 52-week high during trading on Monday after Argus upgraded the stock to a strong-buy rating. The stock traded as high as $377.38 and last traded at $376.5340, with a volume of 440797 shares trading hands. The stock had previously closed at $364.54.

Several other equities research analysts have also recently issued reports on the company. Citigroup boosted their price target on L3Harris Technologies from $389.00 to $418.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. JPMorgan Chase & Co. lifted their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. Weiss Ratings upgraded L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Finally, Susquehanna reaffirmed a “positive” rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $328.57.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of the company’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $338.85, for a total value of $1,640,034.00. Following the completion of the sale, the insider owned 5,916 shares of the company’s stock, valued at approximately $2,004,636.60. This represents a 45.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

Several large investors have recently added to or reduced their stakes in the business. First Horizon Corp purchased a new stake in L3Harris Technologies in the 3rd quarter valued at $10,667,000. Merit Financial Group LLC increased its holdings in shares of L3Harris Technologies by 55.9% in the 3rd quarter. Merit Financial Group LLC now owns 9,989 shares of the company’s stock valued at $3,051,000 after purchasing an additional 3,583 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of L3Harris Technologies by 13.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,223 shares of the company’s stock valued at $9,230,000 after acquiring an additional 3,532 shares during the period. Oregon Public Employees Retirement Fund raised its holdings in L3Harris Technologies by 32.6% during the third quarter. Oregon Public Employees Retirement Fund now owns 21,324 shares of the company’s stock worth $6,513,000 after purchasing an additional 5,239 shares during the last quarter. Finally, Crystal Rock Capital Management acquired a new position in shares of L3Harris Technologies during the 3rd quarter worth $1,993,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Price Performance

The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. The company’s fifty day simple moving average is $335.43 and its two-hundred day simple moving average is $302.66. The stock has a market capitalization of $70.29 billion, a PE ratio of 44.12, a P/E/G ratio of 2.63 and a beta of 0.63.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.L3Harris Technologies’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.47 EPS. As a group, sell-side analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.3%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio is currently 56.27%.

L3Harris Technologies Company Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.