L3Harris Technologies (NYSE:LHX) Downgraded by Wall Street Zen to "Hold"

Wall Street Zen lowered shares of L3Harris Technologies (NYSE:LHX - Free Report) from a buy rating to a hold rating in a report issued on Sunday.

A number of other research analysts have also issued reports on the company. Truist Financial boosted their price target on L3Harris Technologies from $260.00 to $279.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. UBS Group boosted their price target on L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research report on Monday, April 28th. Citigroup restated a "buy" rating and issued a $300.00 price objective (up previously from $280.00) on shares of L3Harris Technologies in a report on Monday, July 14th. Finally, Susquehanna set a $300.00 target price on L3Harris Technologies and gave the company a "positive" rating in a report on Monday, July 14th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $263.81.

L3Harris Technologies Stock Down 0.3%

LHX stock traded down $0.80 during midday trading on Friday, hitting $264.71. 1,441,835 shares of the company's stock were exchanged, compared to its average volume of 1,166,758. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. L3Harris Technologies has a 12-month low of $193.09 and a 12-month high of $267.57. The firm has a 50 day moving average price of $246.64 and a 200-day moving average price of $223.62. The stock has a market capitalization of $49.49 billion, a price-to-earnings ratio of 31.40, a price-to-earnings-growth ratio of 2.06 and a beta of 0.75.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. The business had revenue of $5.13 billion during the quarter, compared to the consensus estimate of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The business's quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the business earned $3.06 EPS. On average, analysts anticipate that L3Harris Technologies will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio is currently 56.94%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 33,061 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the transaction, the chief executive officer owned 145,572 shares of the company's stock, valued at $36,171,730.56. The trade was a 18.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the transaction, the insider directly owned 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several institutional investors and hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. lifted its stake in L3Harris Technologies by 5.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock worth $926,000 after purchasing an additional 216 shares during the last quarter. BankPlus Wealth Management LLC lifted its stake in L3Harris Technologies by 6.0% during the first quarter. BankPlus Wealth Management LLC now owns 2,061 shares of the company's stock worth $432,000 after purchasing an additional 117 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its stake in L3Harris Technologies by 21.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company's stock worth $1,488,000 after purchasing an additional 1,236 shares during the last quarter. Brighton Jones LLC lifted its stake in L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after purchasing an additional 3,001 shares during the last quarter. Finally, Capital Analysts LLC lifted its stake in L3Harris Technologies by 4.2% during the fourth quarter. Capital Analysts LLC now owns 44,510 shares of the company's stock worth $9,360,000 after purchasing an additional 1,808 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

About L3Harris Technologies

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.