L3Harris Technologies (NYSE:LHX) Upgraded at Argus

Argus upgraded shares of L3Harris Technologies (NYSE:LHX) to a strong-buy rating in a report issued on Friday,Zacks.com reports.

LHX has been the subject of several other reports. JPMorgan Chase & Co. boosted their price objective on L3Harris Technologies from $340.00 to $395.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Morgan Stanley increased their target price on L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Citigroup boosted their price target on L3Harris Technologies from $389.00 to $418.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Royal Bank Of Canada increased their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Trading Up 2.6%

Shares of NYSE:LHX opened at $364.50 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. L3Harris Technologies has a 52-week low of $195.72 and a 52-week high of $369.59. The stock’s 50-day moving average is $335.43 and its 200-day moving average is $302.66. The company has a market cap of $68.08 billion, a P/E ratio of 42.73, a P/E/G ratio of 2.63 and a beta of 0.63.

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

L3Harris Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, March 6th. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s payout ratio is currently 56.27%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Samir Mehta sold 4,840 shares of L3Harris Technologies stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the transaction, the insider directly owned 5,916 shares of the company’s stock, valued at approximately $2,004,636.60. The trade was a 45.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of L3Harris Technologies by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 23,410,806 shares of the company’s stock valued at $6,872,710,000 after buying an additional 190,955 shares during the period. Capital World Investors lifted its holdings in shares of L3Harris Technologies by 2.9% during the fourth quarter. Capital World Investors now owns 11,645,419 shares of the company’s stock valued at $3,418,747,000 after purchasing an additional 329,910 shares during the last quarter. State Street Corp boosted its position in shares of L3Harris Technologies by 1.6% in the 4th quarter. State Street Corp now owns 8,919,368 shares of the company’s stock worth $2,618,459,000 after purchasing an additional 141,442 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of L3Harris Technologies by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 5,146,713 shares of the company’s stock worth $1,505,444,000 after buying an additional 106,430 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in L3Harris Technologies by 52.3% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

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.