L3Harris Technologies (NYSE:LHX) Shares Gap Up - Time to Buy?

Shares of L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $230.82, but opened at $241.70. L3Harris Technologies shares last traded at $233.86, with a volume of 576,464 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Morgan Stanley decreased their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. Citigroup reduced their target price on shares of L3Harris Technologies from $285.00 to $245.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $240.00 target price on shares of L3Harris Technologies in a research note on Friday, January 31st. UBS Group upped their target price on shares of L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research note on Monday, April 28th. Finally, Wells Fargo & Company reduced their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $256.56.

L3Harris Technologies Stock Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. The stock's fifty day moving average price is $216.98 and its 200-day moving average price is $218.81. The company has a market capitalization of $44.46 billion, a P/E ratio of 30.22, a PEG ratio of 2.42 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. The company had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.29 billion. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. L3Harris Technologies's quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.06 EPS. As a group, research analysts anticipate that L3Harris Technologies, Inc. will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Tuesday, June 3rd will be issued a $1.20 dividend. The ex-dividend date is Tuesday, June 3rd. This represents a $4.80 annualized dividend and a yield of 2.02%. L3Harris Technologies's dividend payout ratio is currently 56.94%.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Jon Rambeau sold 3,178 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $226.00, for a total transaction of $718,228.00. Following the transaction, the insider now owns 2,797 shares in the company, valued at $632,122. This represents a 53.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 1,783 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the transaction, the insider now owns 30,620 shares in the company, valued at approximately $6,475,517.60. The trade was a 5.50% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in LHX. Meeder Asset Management Inc. boosted its position in shares of L3Harris Technologies by 234.3% during the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock worth $25,000 after acquiring an additional 82 shares in the last quarter. Millstone Evans Group LLC acquired a new stake in L3Harris Technologies in the fourth quarter valued at approximately $26,000. Clearstead Trust LLC acquired a new stake in L3Harris Technologies in the first quarter valued at approximately $26,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of L3Harris Technologies during the fourth quarter valued at $27,000. Finally, Beacon Capital Management LLC raised its stake 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 valued at $27,000 after acquiring an additional 58 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company's stock.

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.