The Goldman Sachs Group Upgrades L3Harris Technologies (NYSE:LHX) to "Buy"

The Goldman Sachs Group upgraded shares of L3Harris Technologies (NYSE:LHX - Free Report) from a sell rating to a buy rating in a research report released on Friday morning, Marketbeat Ratings reports. The brokerage currently has $263.00 price target on the stock, up from their prior price target of $198.00.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. cut their price target on shares of L3Harris Technologies from $265.00 to $255.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. Morgan Stanley cut their target price on L3Harris Technologies from $260.00 to $250.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Sanford C. Bernstein upgraded L3Harris Technologies from a "market perform" rating to an "outperform" rating and dropped their price target for the stock from $289.00 to $267.00 in a research note on Wednesday, January 8th. Raymond James downgraded L3Harris Technologies from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. Finally, UBS Group upped their price target on shares of L3Harris Technologies from $228.00 to $237.00 and gave the company a "neutral" rating in a research report on Friday, January 31st. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $256.94.

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L3Harris Technologies Stock Up 0.3 %

Shares of LHX stock traded up $0.57 on Friday, reaching $222.60. 1,266,368 shares of the stock were exchanged, compared to its average volume of 997,206. The company has a market capitalization of $41.79 billion, a price-to-earnings ratio of 28.28, a PEG ratio of 2.42 and a beta of 0.71. The business's 50 day moving average price is $207.62 and its 200 day moving average price is $223.64. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. L3Harris Technologies has a twelve month low of $193.09 and a twelve month high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The company reported $3.47 EPS for the quarter, beating analysts' consensus estimates of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. As a group, sell-side analysts expect that L3Harris Technologies will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Monday, March 10th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Monday, March 10th. This is an increase from L3Harris Technologies's previous quarterly dividend of $1.16. L3Harris Technologies's dividend payout ratio (DPR) is currently 60.99%.

Insiders Place Their Bets

In related news, insider Edward J. Zoiss sold 1,783 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $211.48, for a total value of $377,068.84. Following the sale, the insider now directly owns 30,620 shares in the company, valued at $6,475,517.60. The trade was a 5.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jon Rambeau sold 3,178 shares of the company's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $226.00, for a total transaction of $718,228.00. Following the completion of the sale, the insider now directly owns 2,797 shares in the company, valued at $632,122. This trade represents a 53.19 % decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its position in shares of L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after buying an additional 82 shares during the last quarter. Millstone Evans Group LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at $26,000. Bradley & Co. Private Wealth Management LLC purchased a new position in L3Harris Technologies during the fourth quarter worth about $27,000. Roxbury Financial LLC purchased a new stake in L3Harris Technologies in the 4th quarter valued at about $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of L3Harris Technologies by 336.4% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company's stock worth $30,000 after acquiring an additional 111 shares during the period. 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.