L3Harris Technologies (NYSE:LHX) Upgraded by Wolfe Research to Outperform

Wolfe Research upgraded shares of L3Harris Technologies (NYSE:LHX) from a peer perform rating to an outperform rating in a report published on Thursday morning, MarketBeat reports. They currently have $300.00 target price on the stock.

LHX has been the topic of a number of other research reports. 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 report on Tuesday, July 30th. Royal Bank of Canada downgraded L3Harris Technologies from an outperform rating to a sector perform rating and lowered their price objective for the company from $250.00 to $240.00 in a research note on Wednesday, August 14th. Wells Fargo & Company reduced their price target on L3Harris Technologies from $262.00 to $260.00 and set an overweight rating on the stock in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft decreased their target price on L3Harris Technologies from $252.00 to $250.00 and set a hold rating for the company in a research note on Thursday, October 3rd. Finally, Susquehanna increased their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a positive rating in a research report on Monday, July 29th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $253.64.

L3Harris Technologies Stock Up 0.6 %

NYSE LHX traded up $1.51 during trading hours on Thursday, hitting $243.86. 34,647 shares of the company traded hands, compared to its average volume of 919,772. L3Harris Technologies has a twelve month low of $169.55 and a twelve month high of $247.33. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The business’s 50-day moving average is $232.80 and its 200-day moving average is $224.32. The stock has a market capitalization of $46.26 billion, a price-to-earnings ratio of 38.78, a P/E/G ratio of 2.08 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The business had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. During the same quarter last year, the company posted $2.97 earnings per share. L3Harris Technologies’s quarterly revenue was up 12.9% on a year-over-year basis. Sell-side analysts anticipate that L3Harris Technologies will post 13.06 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Friday, September 6th. L3Harris Technologies’s dividend payout ratio is 74.24%.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now directly owns 16,316 shares in the company, valued at approximately $3,861,670.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Scott T. Mikuen sold 15,887 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $235.00, for a total value of $3,733,445.00. Following the sale, the senior vice president now owns 47,616 shares in the company, valued at $11,189,760. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total value of $707,199.84. Following the transaction, the insider now owns 16,316 shares of the company’s stock, valued at $3,861,670.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,863 shares of company stock valued at $5,171,749 in the last quarter. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of L3Harris Technologies by 12.9% in the first quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after buying an additional 2,606,267 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of L3Harris Technologies by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock valued at $2,052,411,000 after acquiring an additional 45,845 shares during the period. Wellington Management Group LLP lifted its position in L3Harris Technologies by 34.7% during the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock valued at $930,288,000 after purchasing an additional 1,138,549 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of L3Harris Technologies by 19.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after acquiring an additional 523,315 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in shares of L3Harris Technologies by 3.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,108,596 shares of the company’s stock valued at $449,342,000 after purchasing an additional 66,770 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

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.