L3Harris Technologies (NYSE:LHX) Hits New 1-Year High - Time to Buy?

Key Points

• L3Harris Technologies reached a new 52-week high of $280.69, with significant trading volume of 929,134 shares.
• Analysts are optimistic about the stock, with numerous target price increases; Barclays raised their target from $255 to $305, and Citigroup from $300 to $323.
• The company announced a quarterly dividend of $1.20, set to be paid on September 22nd, providing investors with a 1.7% yield.

L3Harris Technologies Inc (NYSE:LHX - Get Free Report)'s share price reached a new 52-week high on Thursday . The stock traded as high as $280.69 and last traded at $280.62, with a volume of 929134 shares traded. The stock had previously closed at $275.64.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on LHX shares. Barclays increased their target price on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Citigroup raised their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Susquehanna increased 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. UBS Group raised their target price on shares of L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and a consensus price target of $279.47.

L3Harris Technologies Price Performance

The company has a market capitalization of $52.50 billion, a P/E ratio of 31.35, a P/E/G ratio of 1.98 and a beta of 0.76. The firm's fifty day moving average is $270.16 and its 200 day moving average is $240.31. 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 quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping 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 firm had revenue of $5.43 billion during the quarter, compared to analysts' expectations of $5.31 billion. During the same quarter in the prior year, the company earned $3.24 EPS. The company's revenue was up 2.4% compared to the same quarter last year. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. As a group, analysts predict that L3Harris Technologies Inc will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's payout ratio is presently 53.63%.

Insiders Place Their Bets

In other news, CEO Christopher E. Kubasik sold 72,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at $39,472,018.92. This trade represents a 33.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds have recently added to or reduced their stakes in the business. Alternative Investment Advisors LLC. purchased a new position in shares of L3Harris Technologies in the 2nd quarter valued at $1,382,000. Thrivent Financial for Lutherans boosted its holdings in shares of L3Harris Technologies by 2.1% in the second quarter. Thrivent Financial for Lutherans now owns 392,541 shares of the company's stock valued at $98,455,000 after acquiring an additional 8,028 shares in the last quarter. Cim Investment Management Inc. boosted its holdings in L3Harris Technologies by 99.7% during the second quarter. Cim Investment Management Inc. now owns 5,271 shares of the company's stock worth $1,215,000 after buying an additional 2,631 shares in the last quarter. Coppell Advisory Solutions LLC purchased a new position in L3Harris Technologies in the second quarter valued at about $1,968,000. Finally, B. Riley Wealth Advisors Inc. purchased a new position in L3Harris Technologies in the second quarter valued at about $1,126,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.

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