L3Harris Technologies (NYSE:LHX) Reaches New 52-Week High - Here's Why

Key Points

• L3Harris Technologies' stock reached a new 52-week high, trading at $298.40, with analysts having increased price targets significantly, some as high as $323.00.
• The company reported earnings of $2.78 per share, exceeding estimates, and demonstrated a year-over-year revenue increase of 2.4%, totaling $5.43 billion.
• A recent quarterly dividend of $1.20 per share represents an annual yield of 1.6%, with a payout ratio of 53.63%.

Shares of L3Harris Technologies Inc (NYSE:LHX - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $298.40 and last traded at $296.26, with a volume of 49523 shares. The stock had previously closed at $293.56.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on LHX shares. Robert W. Baird upped their price target on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Royal Bank Of Canada upped their price target on L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research note on Friday, July 25th. Citigroup upped their price target on L3Harris Technologies from $300.00 to $323.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Friday, August 22nd. Finally, Susquehanna boosted their target price on L3Harris Technologies from $300.00 to $320.00 and gave the stock a "positive" rating in a report on Friday, July 25th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $279.47.

L3Harris Technologies Stock Performance

The business has a fifty day simple moving average of $275.90 and a two-hundred day simple moving average of $247.05. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a market cap of $55.69 billion, a P/E ratio of 33.28, a P/E/G ratio of 2.15 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating analysts' consensus estimates of $2.48 by $0.30. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%.The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.31 billion. During the same quarter in the prior year, the company earned $3.24 earnings per share. L3Harris Technologies's revenue was up 2.4% on a year-over-year basis. L3Harris Technologies has set its FY 2025 guidance at 10.400-10.600 EPS. On average, sell-side 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 was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were issued a $1.20 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.6%. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 83,000 shares of the company's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $279.90, for a total value of $23,231,700.00. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at $40,747,282.20. This represents a 36.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 195,138 shares of company stock valued at $53,571,774 in the last three months. Corporate insiders own 0.72% of the company's stock.

Institutional Trading of L3Harris Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of LHX. Clearstead Trust LLC purchased a new stake in L3Harris Technologies in the first quarter worth about $26,000. Nova Wealth Management Inc. purchased a new stake in shares of L3Harris Technologies during the first quarter worth about $26,000. Beacon Capital Management LLC grew its position in shares of L3Harris Technologies by 79.5% during the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Kiker Wealth Management LLC grew its position in shares of L3Harris Technologies by 137.0% during the second quarter. Kiker Wealth Management LLC now owns 109 shares of the company's stock worth $27,000 after purchasing an additional 63 shares in the last quarter. Finally, Harbor Asset Planning Inc. purchased a new stake in shares of L3Harris Technologies during the second quarter worth about $32,000. Hedge funds and other institutional investors own 84.76% of the company's stock.

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.

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