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

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

L3Harris Technologies has increased its dividend by an average of 10.3% annually over the last three years and has raised its dividend every year for the last 23 years. L3Harris Technologies has a payout ratio of 32.5% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Up 1.7 %

NYSE LHX traded up $3.37 on Friday, hitting $205.45. 898,523 shares of the company were exchanged, compared to its average volume of 1,119,950. The company’s 50 day moving average price is $210.39 and its 200-day moving average price is $199.60. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.82. The firm has a market capitalization of $39.06 billion, a P/E ratio of 31.71, a price-to-earnings-growth ratio of 1.87 and a beta of 0.65. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $218.34.

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

Wall Street Analyst Weigh In

LHX has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on L3Harris Technologies from $250.00 to $238.00 and set an “overweight” rating for the company in a research report on Tuesday, January 30th. Raymond James upped their target price on L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. Royal Bank of Canada upped their target price on L3Harris Technologies from $235.00 to $245.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. TheStreet raised L3Harris Technologies from a “c+” rating to a “b-” rating in a research report on Thursday, December 21st. Finally, UBS Group upped their target price on L3Harris Technologies from $222.00 to $229.00 and gave the stock a “neutral” rating in a research report on Monday, January 29th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $229.00.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the transaction, the chief executive officer now owns 116,175 shares of the company’s stock, valued at approximately $24,654,658.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other L3Harris Technologies news, Director William H. Swanson bought 1,250 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were acquired at an average cost of $215.35 per share, with a total value of $269,187.50. Following the acquisition, the director now owns 1,543 shares of the company’s stock, valued at $332,285.05. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher E. Kubasik sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $212.22, for a total value of $8,488,800.00. Following the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at $24,654,658.50. The disclosure for this sale can be found here. Insiders have sold 48,362 shares of company stock valued at $10,261,360 in the last 90 days. 0.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LHX. Acadian Asset Management LLC boosted its stake in L3Harris Technologies by 283.0% in the 1st quarter. Acadian Asset Management LLC now owns 1,103 shares of the company’s stock valued at $272,000 after purchasing an additional 815 shares during the period. Lord Abbett & CO. LLC bought a new stake in L3Harris Technologies in the 1st quarter valued at $8,013,000. Sei Investments Co. boosted its stake in L3Harris Technologies by 14.2% in the 1st quarter. Sei Investments Co. now owns 62,374 shares of the company’s stock valued at $15,643,000 after purchasing an additional 7,773 shares during the period. Sequoia Financial Advisors LLC boosted its stake in L3Harris Technologies by 18.9% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,372 shares of the company’s stock valued at $838,000 after purchasing an additional 537 shares during the period. Finally, Brighton Jones LLC boosted its stake in L3Harris Technologies by 16.7% in the 1st quarter. Brighton Jones LLC now owns 1,230 shares of the company’s stock valued at $306,000 after purchasing an additional 176 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

About L3Harris Technologies

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.