L3Harris Technologies (NYSE:LHX) Hits New 52-Week High - Here's What Happened

L3Harris Technologies Inc (NYSE:LHX - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $268.37 and last traded at $268.09, with a volume of 463475 shares trading hands. The stock had previously closed at $264.42.

Wall Street Analyst Weigh In

LHX has been the subject of a number of recent research reports. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a report on Monday, July 14th. Wall Street Zen lowered L3Harris Technologies from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Truist Financial lifted their target price on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a report on Friday. UBS Group lifted their price target on L3Harris Technologies from $262.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday. Finally, Citigroup reaffirmed a "buy" rating and set a $300.00 price target (up from $280.00) on shares of L3Harris Technologies in a report on Monday, July 14th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $275.18.

L3Harris Technologies Trading Down 1.0%

The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average of $250.37 and a 200-day moving average of $225.17. The stock has a market cap of $50.56 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 2.10 and a beta of 0.75.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. During the same quarter in the prior year, the company posted $3.24 EPS. The business's revenue for the quarter was up 2.4% compared to the same quarter last year. On average, analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company 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 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's dividend payout ratio (DPR) is currently 56.94%.

Insider Buying and Selling at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 145,572 shares of the company's stock, valued at approximately $36,171,730.56. This trade represents a 18.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction 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 sale, the insider owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.72% of the company's stock.

Institutional Trading of L3Harris Technologies

Several large investors have recently added to or reduced their stakes in the stock. Cyndeo Wealth Partners LLC increased its holdings in L3Harris Technologies by 2.7% in the 2nd quarter. Cyndeo Wealth Partners LLC now owns 1,396 shares of the company's stock valued at $350,000 after purchasing an additional 37 shares in the last quarter. Independence Bank of Kentucky grew its stake in shares of L3Harris Technologies by 44.4% during the second quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock valued at $33,000 after acquiring an additional 40 shares in the last quarter. DB Fitzpatrick & Co Inc grew its stake in shares of L3Harris Technologies by 1.0% during the second quarter. DB Fitzpatrick & Co Inc now owns 4,450 shares of the company's stock valued at $1,116,000 after acquiring an additional 42 shares in the last quarter. Norway Savings Bank grew its stake in shares of L3Harris Technologies by 3.0% during the second quarter. Norway Savings Bank now owns 1,490 shares of the company's stock valued at $374,000 after acquiring an additional 44 shares in the last quarter. Finally, Salem Investment Counselors Inc. grew its stake in shares of L3Harris Technologies by 3.7% during the second quarter. Salem Investment Counselors Inc. now owns 1,253 shares of the company's stock valued at $314,000 after acquiring an additional 45 shares in the last quarter. 84.76% of the stock is currently 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.