L3Harris Technologies Inc Declares Quarterly Dividend of $1.25 (NYSE:LHX)

Key Points

• L3Harris declared a quarterly dividend of $1.25 per share, payable June 26 to shareholders of record on June 5 (ex-dividend date June 5), which annualizes to $5.00 and yields about 1.5%.
• Dividend appears well covered and durable: the company has raised its dividend annually for 24 consecutive years and has a current payout ratio of 41.1%, with analysts projecting $13.41 EPS next year (implying a ~37.3% payout ratio).
• Recent results and analyst outlook: L3Harris beat quarterly EPS estimates ($2.86 vs. $2.76) while revenue was $5.65B (+2.3% YoY); the stock trades with a market cap around $61.6B and carries a consensus "Moderate Buy" rating with an average target near $349.55.

L3Harris Technologies Inc (NYSE:LHX - Get Free Report) declared a quarterly dividend on Thursday, April 23rd. Stockholders of record on Friday, June 5th will be given a dividend of 1.25 per share on Friday, June 26th. This represents a c) annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, June 5th.

L3Harris Technologies has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 24 consecutive years. L3Harris Technologies has a payout ratio of 41.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect L3Harris Technologies to earn $13.41 per share next year, which means the company should continue to be able to cover its $5.00 annual dividend with an expected future payout ratio of 37.3%.

L3Harris Technologies Stock Performance

LHX opened at $329.89 on Friday. L3Harris Technologies has a twelve month low of $208.11 and a twelve month high of $379.23. The firm has a market capitalization of $61.62 billion, a PE ratio of 38.67, a PEG ratio of 1.67 and a beta of 0.62. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm's 50-day moving average price is $355.03 and its 200 day moving average price is $322.62.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.76 by $0.10. The company had revenue of $5.65 billion during the quarter, compared to analysts' expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm's quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $3.47 EPS. As a group, sell-side analysts expect that L3Harris Technologies will post 11.53 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wolfe Research restated an "outperform" rating on shares of L3Harris Technologies in a research note on Friday, January 30th. Truist Financial set a $364.00 target price on L3Harris Technologies in a research note on Wednesday, January 14th. Morgan Stanley raised their target price on L3Harris Technologies from $367.00 to $390.00 and gave the company an "overweight" rating in a report on Monday, February 2nd. Susquehanna reiterated a "positive" rating on shares of L3Harris Technologies in a research note on Thursday, January 15th. Finally, Royal Bank Of Canada increased their price target on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a "sector perform" rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, L3Harris Technologies currently has an average rating of "Moderate Buy" and a consensus target price of $349.55.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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