L3Harris Technologies Inc (NYSE:LHX) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• L3Harris Technologies Inc has received an average recommendation of "Moderate Buy" from eighteen brokerages, with a price target set at $279.47.
• CEO Christopher E. Kubasik sold 72,000 shares at an average price of $271.14, reducing his ownership by 33.09%, while insiders have collectively sold over $28 million in stock recently.
• The company reported a quarterly earnings per share of $2.78, beating expectations and recording a 2.4% year-over-year revenue increase.

Shares of L3Harris Technologies Inc (NYSE:LHX - Get Free Report) have received an average rating of "Moderate Buy" from the eighteen analysts that are covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $279.4706.

LHX has been the topic of several analyst reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Susquehanna lifted their price target on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a report on Friday, July 25th. Citigroup lifted their price target on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a report on Friday, July 25th. Robert W. Baird lifted their price target on shares of L3Harris Technologies from $274.00 to $320.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, Barclays boosted their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a report on Tuesday, July 29th.

Insiders Place Their Bets

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total value of $19,522,080.00. Following the transaction, the chief executive officer directly owned 145,578 shares in the company, valued at approximately $39,472,018.92. This represents a 33.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the transaction, the insider owned 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,061 shares of company stock worth $28,227,077 in the last quarter. Company insiders own 0.72% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Kiker Wealth Management LLC grew its holdings in L3Harris Technologies by 137.0% during the 2nd quarter. Kiker Wealth Management LLC now owns 109 shares of the company's stock worth $27,000 after acquiring an additional 63 shares in the last quarter. Clearstead Trust LLC bought a new position in L3Harris Technologies during the 1st quarter worth about $26,000. Nova Wealth Management Inc. bought a new position in L3Harris Technologies during the 1st quarter worth about $26,000. Harbor Asset Planning Inc. bought a new position in L3Harris Technologies during the 2nd quarter worth about $32,000. Finally, Independence Bank of Kentucky grew its holdings in L3Harris Technologies by 44.4% during the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock worth $33,000 after acquiring an additional 40 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

L3Harris Technologies Stock Performance

Shares of LHX stock traded down $4.12 during trading hours on Friday, reaching $269.69. The company had a trading volume of 1,639,160 shares, compared to its average volume of 1,407,472. The business has a fifty day moving average price of $258.25 and a 200-day moving average price of $229.85. L3Harris Technologies has a one year low of $193.09 and a one year high of $280.52. The firm has a market cap of $50.46 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 1.97 and a beta of 0.77. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.31 billion. During the same period in the previous year, the business posted $3.24 earnings per share. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. Sell-side analysts predict that L3Harris Technologies will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be given a dividend of $1.20 per share. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies's payout ratio is 53.63%.

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.