L3Harris Technologies (NYSE:LHX) Sets New 52-Week High - Time to Buy?

Key Points

• L3Harris Technologies reached a new 52-week high stock price of $280.48 during trading, closing at $279.23.
• Analysts have upgraded L3Harris Technologies, with 14 buy ratings and target prices raised by multiple firms, including Citigroup, which set a new target of $323.00.
• The company reported a quarterly earnings per share of $2.78, exceeding expectations and showing a revenue increase of 2.4% year-over-year to $5.43 billion.

L3Harris Technologies Inc (NYSE:LHX - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The company traded as high as $280.48 and last traded at $279.23, with a volume of 123063 shares. The stock had previously closed at $278.26.

Analysts Set New Price Targets

A number of research analysts have commented on LHX shares. Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Monday, July 28th. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Citigroup raised their target price on L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Truist Financial raised their target price on L3Harris Technologies from $279.00 to $302.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, Barclays raised their target price on L3Harris Technologies from $255.00 to $305.00 and gave the company an "overweight" rating in a research report on Tuesday, July 29th. Five research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

L3Harris Technologies Stock Performance

The stock has a 50 day moving average price of $255.07 and a two-hundred day moving average price of $227.98. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.57. The company has a market cap of $51.85 billion, a price-to-earnings ratio of 30.96, a P/E/G ratio of 2.03 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly 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 business posted $3.24 EPS. The firm's quarterly revenue was up 2.4% on a year-over-year basis. Analysts predict that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

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 given a $1.20 dividend. The ex-dividend date is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. L3Harris Technologies's dividend payout ratio is currently 53.63%.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 72,000 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the completion of the transaction, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,472,018.92. This represents a 33.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward J. Zoiss sold 2,000 shares of the stock in a transaction dated 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 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. In the last 90 days, insiders sold 107,061 shares of company stock valued at $28,227,077. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On L3Harris Technologies

A number of large investors have recently added to or reduced their stakes in LHX. Price T Rowe Associates Inc. MD grew its holdings in shares of L3Harris Technologies by 1.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,833,024 shares of the company's stock valued at $2,058,151,000 after acquiring an additional 181,550 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of L3Harris Technologies by 12.2% in the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock valued at $1,074,208,000 after acquiring an additional 557,610 shares in the last quarter. Invesco Ltd. grew its holdings in shares of L3Harris Technologies by 5.0% in the 1st quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock valued at $491,323,000 after acquiring an additional 112,271 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of L3Harris Technologies by 15.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock valued at $486,898,000 after acquiring an additional 311,886 shares in the last quarter. Finally, FMR LLC grew its holdings in shares of L3Harris Technologies by 11.5% in the 4th quarter. FMR LLC now owns 2,261,999 shares of the company's stock valued at $475,653,000 after acquiring an additional 233,968 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.