L3Harris Technologies Inc (NYSE:LHX) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of L3Harris Technologies Inc (NYSE:LHX) have earned a consensus rating of “Moderate Buy” from the nineteen analysts that are presently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and fifteen have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $328.5714.

LHX has been the topic of a number of analyst reports. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. UBS Group increased their price objective on L3Harris Technologies to $323.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Wall Street Zen lowered L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. Finally, Vertical Research restated a “buy” rating and issued a $355.00 price objective on shares of L3Harris Technologies in a research report on Tuesday, January 13th.

Insider Activity at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of the company’s stock in a transaction on 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 transaction, the insider directly owned 5,916 shares in the company, valued at approximately $2,004,636.60. The trade was a 45.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

A number of large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in shares of L3Harris Technologies by 52.3% during the second quarter. Bank of New York Mellon Corp now owns 4,117,030 shares of the company’s stock valued at $1,032,716,000 after buying an additional 1,413,833 shares during the last quarter. AGF Management Ltd. purchased a new stake in L3Harris Technologies during the 2nd quarter valued at about $324,940,000. Artisan Partners Limited Partnership grew its position in L3Harris Technologies by 174.2% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,900,509 shares of the company’s stock worth $557,933,000 after acquiring an additional 1,207,334 shares during the last quarter. Victory Capital Management Inc. increased its stake in L3Harris Technologies by 1,053.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock worth $360,964,000 after purchasing an additional 1,079,474 shares during the period. Finally, Boston Partners lifted its position in L3Harris Technologies by 72.1% in the second quarter. Boston Partners now owns 2,002,211 shares of the company’s stock valued at $504,160,000 after purchasing an additional 838,546 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

NYSE LHX opened at $354.69 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The company has a market cap of $66.25 billion, a PE ratio of 41.58, a price-to-earnings-growth ratio of 2.57 and a beta of 0.64. L3Harris Technologies has a 52 week low of $195.72 and a 52 week high of $369.59. The firm’s 50-day simple moving average is $329.75 and its two-hundred day simple moving average is $300.29.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. The company had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.47 earnings per share. Research analysts predict that L3Harris Technologies will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s dividend payout ratio (DPR) is currently 56.27%.

About L3Harris Technologies

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.