L3Harris Technologies (NYSE:LHX) Rating Increased to Outperform at Sanford C. Bernstein

Sanford C. Bernstein upgraded shares of L3Harris Technologies (NYSE:LHX) from a market perform rating to an outperform rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They currently have $267.00 target price on the stock, down from their previous target price of $289.00.

A number of other equities research analysts have also issued reports on LHX. Wells Fargo & Company cut their target price on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. Truist Financial lifted their target price on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Royal Bank of Canada upped their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research report on Monday, October 28th. Finally, Citigroup lifted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $266.31.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $207.09 on Wednesday. L3Harris Technologies has a 1 year low of $200.18 and a 1 year high of $265.74. The firm has a market cap of $39.28 billion, a P/E ratio of 32.72, a PEG ratio of 1.86 and a beta of 0.75. The stock has a fifty day moving average price of $232.69 and a two-hundred day moving average price of $233.54. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

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

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Activity

In other news, insider Ross Niebergall sold 1,764 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $223.62, for a total transaction of $394,465.68. Following the completion of the sale, the insider now owns 8,576 shares in the company, valued at approximately $1,917,765.12. This represents a 17.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 7,889 shares of company stock worth $1,800,572 in the last three months. 0.82% of the stock is owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

A number of institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. grew its stake in L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares during the last quarter. Archer Investment Corp boosted its holdings in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after acquiring an additional 43 shares during the period. Kennebec Savings Bank acquired a new stake in shares of L3Harris Technologies in the third quarter valued at about $36,000. Ashton Thomas Private Wealth LLC bought a new position in shares of L3Harris Technologies in the second quarter worth about $57,000. Finally, Ashton Thomas Securities LLC acquired a new position in shares of L3Harris Technologies during the 3rd quarter worth about $64,000. 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.