L3Harris Technologies (NYSE:LHX) Shares Up 1.1% – Still a Buy?

L3Harris Technologies, Inc. (NYSE:LHX) rose 1.1% during mid-day trading on Wednesday . The company traded as high as $264.59 and last traded at $264.55. Approximately 104,198 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 903,698 shares. The stock had previously closed at $261.72.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on LHX shares. Wells Fargo & Company lifted their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Barclays increased their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 30th. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Finally, Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research report on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Price Performance

The firm has a market cap of $49.82 billion, a P/E ratio of 41.73, a P/E/G ratio of 2.18 and a beta of 0.72. The company has a fifty day moving average of $241.95 and a 200-day moving average of $231.48. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the prior year, the business posted $3.19 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. On average, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be given a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 1.77%. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total transaction of $731,103.84. Following the sale, the insider now directly owns 13,328 shares in the company, valued at $3,261,095.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 8,964 shares of company stock worth $2,179,119 in the last quarter. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Avestar Capital LLC boosted its position in L3Harris Technologies by 4.2% during the third quarter. Avestar Capital LLC now owns 1,255 shares of the company’s stock worth $299,000 after purchasing an additional 51 shares during the period. Brooklyn Investment Group purchased a new stake in shares of L3Harris Technologies during the 3rd quarter valued at approximately $236,000. Covington Investment Advisors Inc. boosted its holdings in L3Harris Technologies by 1.0% in the 3rd quarter. Covington Investment Advisors Inc. now owns 28,519 shares of the company’s stock worth $6,784,000 after buying an additional 281 shares during the period. Quantbot Technologies LP purchased a new position in L3Harris Technologies in the 3rd quarter valued at approximately $2,298,000. Finally, The Manufacturers Life Insurance Company raised its holdings in L3Harris Technologies by 4.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 455,095 shares of the company’s stock valued at $108,253,000 after acquiring an additional 20,808 shares during the period. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Company Profile

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.