L3Harris Technologies (NYSE:LHX) Trading Up 1% – Time to Buy?

L3Harris Technologies Inc (NYSE:LHX)’s share price rose 1% during trading on Friday . The stock traded as high as $251.62 and last traded at $251.37. Approximately 253,299 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 1,130,920 shares. The stock had previously closed at $248.83.

Analysts Set New Price Targets

LHX has been the subject of several recent research reports. Jefferies Financial Group cut their price target on L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a report on Monday, March 31st. The Goldman Sachs Group upgraded L3Harris Technologies from a “sell” rating to a “buy” rating and upped their price objective for the company from $198.00 to $263.00 in a research note on Friday, April 11th. Citigroup upped their price objective on L3Harris Technologies from $245.00 to $280.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Truist Financial lowered their price objective on L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Finally, Wells Fargo & Company lowered their price objective on L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, L3Harris Technologies has a consensus rating of “Moderate Buy” and an average target price of $258.75.

L3Harris Technologies Stock Performance

The firm has a market capitalization of $46.66 billion, a P/E ratio of 29.60, a price-to-earnings-growth ratio of 1.99 and a beta of 0.74. The stock has a 50-day moving average of $231.54 and a 200 day moving average of $218.48. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.02.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, April 24th. The company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion for the quarter, compared to analyst estimates of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. L3Harris Technologies’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $3.06 EPS. On average, research analysts anticipate that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd were given a $1.20 dividend. The ex-dividend date was Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.92%. L3Harris Technologies’s payout ratio is 56.94%.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the transaction, the insider now directly owns 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the transaction, the chief executive officer now owns 145,572 shares in the company, valued at $36,171,730.56. The trade was a 18.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Meeder Asset Management Inc. lifted its stake in shares of L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock valued at $25,000 after purchasing an additional 82 shares during the period. Millstone Evans Group LLC acquired a new position in shares of L3Harris Technologies in the 4th quarter valued at $26,000. Clearstead Trust LLC acquired a new position in shares of L3Harris Technologies in the 1st quarter valued at $26,000. Nova Wealth Management Inc. acquired a new position in shares of L3Harris Technologies in the 1st quarter valued at $26,000. Finally, Bradley & Co. Private Wealth Management LLC acquired a new position in shares of L3Harris Technologies in the 4th quarter valued at $27,000. Institutional investors and hedge funds 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.