L3Harris Technologies (NYSE:LHX) Stock Price Up 0.6% - Here's Why

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report)'s share price traded up 0.6% on Friday . The stock traded as high as $212.00 and last traded at $212.00. 254,879 shares changed hands during trading, a decline of 72% from the average session volume of 917,618 shares. The stock had previously closed at $210.64.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LHX. Truist Financial boosted their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a "buy" rating in a research report on Monday, October 28th. Argus upgraded L3Harris Technologies from a "hold" rating to a "buy" rating and set a $300.00 price target for the company in a research report on Tuesday, November 26th. Bank of America raised L3Harris Technologies from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $240.00 to $300.00 in a research report on Thursday, October 31st. StockNews.com raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Monday, October 28th. Finally, Wolfe Research upgraded shares of L3Harris Technologies from a "peer perform" rating to an "outperform" rating and set a $300.00 target price on the stock in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $269.13.

L3Harris Technologies Stock Performance

The firm's 50 day simple moving average is $242.42 and its 200 day simple moving average is $234.57. The firm has a market cap of $40.50 billion, a PE ratio of 33.74, a PEG ratio of 1.91 and a beta of 0.72. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58.

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

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were given a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Monday, November 18th. L3Harris Technologies's dividend payout ratio is presently 73.30%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the business's stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now directly owns 10,340 shares of the company's stock, valued at $2,563,596.20. The trade was a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold a total of 7,740 shares of company stock valued at $1,866,384 over the last 90 days. 0.82% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently modified their holdings of LHX. Meeder Asset Management Inc. lifted its position in L3Harris Technologies by 260.6% in the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company's stock worth $27,000 after buying an additional 86 shares during the last quarter. Archer Investment Corp lifted its holdings in shares of L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company's stock worth $31,000 after acquiring an additional 43 shares during the last quarter. Kennebec Savings Bank purchased a new position in shares of L3Harris Technologies during the 3rd quarter worth about $36,000. Family Firm Inc. bought a new position in L3Harris Technologies during the 2nd quarter valued at about $45,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in L3Harris Technologies in the 2nd quarter worth about $57,000. Hedge funds and other 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.