L3Harris Technologies (NYSE:LHX) Sets New 12-Month High Following Analyst Upgrade

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

A number of other research analysts have also recently commented on LHX. Citigroup upped their price target on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. BNP Paribas Exane upgraded shares of L3Harris Technologies to a “hold” rating in a research note on Tuesday, November 18th. Truist Financial set a $364.00 target price on L3Harris Technologies in a report on Wednesday, January 14th. Wolfe Research reissued an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Finally, Weiss Ratings raised shares of L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $328.57.

Insider Activity

In related news, VP Melanie Rakita sold 751 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total value of $278,110.32. Following the completion of the sale, the vice president directly owned 4,131 shares in the company, valued at $1,529,791.92. This trade represents a 15.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jon Rambeau sold 5,528 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the sale, the insider directly owned 7,660 shares in the company, valued at approximately $2,836,651.20. This represents a 41.92% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 19,025 shares of company stock worth $6,824,370. Insiders own 0.72% of the company’s stock.

Key Headlines Impacting L3Harris Technologies

Here are the key news stories impacting L3Harris Technologies this week:

• Positive Sentiment: Citi says a missile “megatrend” is still underestimated and named L3Harris among the contractors most exposed to growth in missile and interceptor systems — a macro tailwind for LHX’s Missile Solutions business. Article Title
• Positive Sentiment: L3Harris appointed Ken Sharp as CFO and moved Ken Bedingfield to focus full-time on Missile Solutions to rapidly scale solid rocket motor manufacturing and prepare the unit for a future IPO — a management move explicitly aimed at accelerating a high-growth segment. Article Title
• Positive Sentiment: L3Harris selected Intuitive Machines’ Lanteris Space Systems as a partner to support spacecraft platforms for the SDA Tranche 3 Tracking Layer — progress on space/ISR programs supports recurring revenue potential in the Space & ISR portfolio. Article Title
• Positive Sentiment: Sector momentum: market commentary says defense contractors are poised to ramp production amid Middle East tensions, implying potential incremental orders and capex for vendors like LHX. Article Title
• Neutral Sentiment: Analyst/upgrades and institutional flows are mixed: Argus upgraded LHX recently and MarketBeat notes some institutional buying, but consensus price targets and ratings vary — supporting interest but not a uniform buy signal. Article Title
• Negative Sentiment: Significant insider selling: filings show large sales by Samir Mehta and Jon Rambeau (~5,528 shares each) and additional VP sales by Melanie Rakita — these sizable reductions in insider holdings can weigh on near-term sentiment. Article Title

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fideuram Asset Management Ireland dac acquired a new position in shares of L3Harris Technologies in the fourth quarter valued at about $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in L3Harris Technologies in the fourth quarter valued at approximately $25,000. Motiv8 Investments LLC acquired a new position in L3Harris Technologies in the 4th quarter worth approximately $25,000. Caitlin John LLC acquired a new position in L3Harris Technologies in the 3rd quarter worth approximately $28,000. Finally, American National Bank & Trust raised its position in L3Harris Technologies by 44.8% during the 4th quarter. American National Bank & Trust now owns 97 shares of the company’s stock worth $28,000 after buying an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

The firm’s 50 day simple moving average is $338.52 and its 200 day simple moving average is $304.10. The firm has a market capitalization of $68.81 billion, a price-to-earnings ratio of 43.19, a PEG ratio of 2.73 and a beta of 0.63. 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 (NYSE:LHX) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $2.76 by $0.10. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.76 billion. During the same quarter in the prior year, the business earned $3.47 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. Sell-side analysts forecast that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently disclosed 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. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, March 6th. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. L3Harris Technologies’s dividend payout ratio (DPR) is 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.