L3Harris Technologies (NYSE:LHX) Reaches New 1-Year High - Still a Buy?

L3Harris Technologies Inc (NYSE:LHX - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $266.39 and last traded at $264.90, with a volume of 210426 shares traded. The stock had previously closed at $263.66.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Jefferies Financial Group cut their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. UBS Group raised their price objective on shares of L3Harris Technologies from $222.00 to $226.00 and gave the company a "neutral" rating in a research report on Monday, April 28th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday. Wells Fargo & Company decreased their price target on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Wall Street Zen upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $263.81.

L3Harris Technologies Stock Performance

The firm has a 50 day moving average of $245.73 and a two-hundred day moving average of $223.15. The stock has a market cap of $49.67 billion, a P/E ratio of 31.52, a P/E/G ratio of 2.05 and a beta of 0.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.02.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm 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 firm's revenue for the quarter was down 1.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.06 EPS. On average, research analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.81%. L3Harris Technologies's dividend payout ratio (DPR) is 56.94%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 33,061 shares of the company'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 value of $8,214,997.28. Following the completion of the transaction, the chief executive officer owned 145,572 shares of the company's stock, valued at $36,171,730.56. This represents a 18.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the transaction, the insider directly owned 25,325 shares of the company's stock, 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. Corporate insiders own 0.72% of the company's stock.

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds have recently modified their holdings of LHX. Brighton Jones LLC raised its holdings in shares of L3Harris Technologies by 233.9% in the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after buying an additional 3,001 shares in the last quarter. Cibc World Markets Corp raised its holdings in shares of L3Harris Technologies by 16.3% in the 4th quarter. Cibc World Markets Corp now owns 29,960 shares of the company's stock worth $6,300,000 after buying an additional 4,194 shares in the last quarter. PDS Planning Inc raised its holdings in shares of L3Harris Technologies by 5.8% in the 4th quarter. PDS Planning Inc now owns 1,100 shares of the company's stock worth $231,000 after buying an additional 60 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of L3Harris Technologies by 22.5% in the 4th quarter. Advisors Asset Management Inc. now owns 30,479 shares of the company's stock worth $6,409,000 after buying an additional 5,606 shares in the last quarter. Finally, Horizon Investments LLC raised its holdings in shares of L3Harris Technologies by 2.3% in the 4th quarter. Horizon Investments LLC now owns 4,208 shares of the company's stock worth $885,000 after buying an additional 94 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

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.