L3Harris Technologies (NYSE:LHX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of L3Harris Technologies (NYSE:LHX) from a hold rating to a buy rating in a report issued on Sunday morning,Wall Street Zen reports.

LHX has been the topic of a number of other reports. Susquehanna cut their price objective on L3Harris Technologies from $410.00 to $350.00 and set a “positive” rating on the stock in a research report on Friday, July 31st. Melius Research downgraded L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, September 8th. Argus downgraded L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Friday, September 25th. UBS Group raised their price target on L3Harris Technologies from $264.00 to $293.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, The Goldman Sachs Group cut their price target on shares of L3Harris Technologies from $405.00 to $361.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $345.60.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $277.12 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.05 and a debt-to-equity ratio of 0.45. The firm has a market cap of $51.60 billion, a P/E ratio of 23.27, a P/E/G ratio of 1.68 and a beta of 0.47. L3Harris Technologies has a 1-year low of $232.34 and a 1-year high of $379.23. The firm has a 50-day moving average of $250.32 and a 200-day moving average of $304.42.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 29th. The company reported $3.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.95 by $0.33. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.92 billion. L3Harris Technologies had a return on equity of 11.49% and a net margin of 8.76%. L3Harris Technologies’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.70 EPS. Sell-side analysts expect that L3Harris Technologies will post 12.32 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, December 4th will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, December 4th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 46.64%.

Institutional Investors Weigh In On L3Harris Technologies

Several hedge funds have recently made changes to their positions in LHX. BlackRock Inc. bought a new position in shares of L3Harris Technologies in the second quarter worth about $5,525,806,000. State Street Corp raised its stake in L3Harris Technologies by 2.9% during the 2nd quarter. State Street Corp now owns 9,097,353 shares of the company’s stock valued at $2,643,600,000 after purchasing an additional 252,662 shares during the period. Wellington Management Group LLP raised its stake in L3Harris Technologies by 7.1% during the 2nd quarter. Wellington Management Group LLP now owns 4,707,086 shares of the company’s stock valued at $1,367,832,000 after purchasing an additional 313,431 shares during the period. Bank of New York Mellon Corp purchased a new position in L3Harris Technologies in the 2nd quarter worth approximately $752,983,000. Finally, Bank of America Corp DE lifted its holdings in L3Harris Technologies by 1.4% in the 2nd quarter. Bank of America Corp DE now owns 1,945,342 shares of the company’s stock worth $565,297,000 after purchasing an additional 27,610 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Company Profile

L3Harris Technologies, Inc is a technology and defense company that develops products and systems for government and commercial customers. Its offerings support aerospace, defense, space, communications, intelligence, surveillance and reconnaissance, electronic warfare, missile defense, and aviation missions.

The company provides secure communications equipment, tactical radios, sensors, avionics, electronic warfare systems, missile and air defense technologies, space payloads and systems, and other mission-critical solutions.