L3Harris Technologies, Inc. Announces Quarterly Dividend of $1.16 (NYSE:LHX)

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) declared a quarterly dividend on Friday, April 19th, RTT News reports. Shareholders of record on Tuesday, June 4th will be paid a dividend of 1.16 per share on Tuesday, June 18th. This represents a $4.64 annualized dividend and a yield of 2.26%.

L3Harris Technologies has raised its dividend by an average of 10.3% annually over the last three years and has increased its dividend annually for the last 23 consecutive years. L3Harris Technologies has a payout ratio of 32.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect L3Harris Technologies to earn $14.16 per share next year, which means the company should continue to be able to cover its $4.56 annual dividend with an expected future payout ratio of 32.2%.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded up $3.37 during trading hours on Friday, reaching $205.45. The company's stock had a trading volume of 898,486 shares, compared to its average volume of 1,119,951. The company's 50 day simple moving average is $210.30 and its 200 day simple moving average is $199.84. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.82 and a current ratio of 1.01. L3Harris Technologies has a one year low of $160.25 and a one year high of $218.34. The stock has a market cap of $39.06 billion, a P/E ratio of 31.90, a price-to-earnings-growth ratio of 1.87 and a beta of 0.65.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Friday, January 26th. The company reported $3.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.31 by $0.04. L3Harris Technologies had a net margin of 6.32% and a return on equity of 12.68%. The company had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period last year, the firm posted $3.27 EPS. The company's revenue for the quarter was up 16.6% on a year-over-year basis. As a group, analysts expect that L3Harris Technologies will post 12.73 EPS for the current fiscal year.

Insider Transactions at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 40,000 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $212.22, for a total value of $8,488,800.00. Following the transaction, the chief executive officer now owns 116,175 shares of the company's stock, valued at approximately $24,654,658.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Edward J. Zoiss sold 3,707 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $211.47, for a total value of $783,919.29. Following the transaction, the insider now directly owns 28,644 shares of the company's stock, valued at $6,057,346.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 40,000 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at $24,654,658.50. The disclosure for this sale can be found here. Insiders have sold 48,362 shares of company stock valued at $10,261,360 in the last quarter. Insiders own 0.82% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Eagle Bay Advisors LLC acquired a new stake in shares of L3Harris Technologies during the second quarter worth approximately $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of L3Harris Technologies during the first quarter worth approximately $27,000. First Capital Advisors Group LLC. acquired a new stake in shares of L3Harris Technologies during the second quarter worth approximately $29,000. Clear Street Markets LLC boosted its holdings in shares of L3Harris Technologies by 19,100.0% during the fourth quarter. Clear Street Markets LLC now owns 192 shares of the company's stock worth $40,000 after purchasing an additional 191 shares during the period. Finally, State of Wyoming boosted its holdings in shares of L3Harris Technologies by 27.1% during the fourth quarter. State of Wyoming now owns 230 shares of the company's stock worth $48,000 after purchasing an additional 49 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LHX. Raymond James raised their price target on shares of L3Harris Technologies from $220.00 to $235.00 and gave the stock an "outperform" rating in a research report on Monday, January 29th. StockNews.com downgraded shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research report on Monday, January 29th. Royal Bank of Canada lifted their price objective on shares of L3Harris Technologies from $235.00 to $245.00 and gave the company an "outperform" rating in a research report on Monday, January 29th. TheStreet upgraded shares of L3Harris Technologies from a "c+" rating to a "b-" rating in a research report on Thursday, December 21st. Finally, UBS Group lifted their price objective on shares of L3Harris Technologies from $222.00 to $229.00 and gave the company a "neutral" rating in a research report on Monday, January 29th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, L3Harris Technologies has a consensus rating of "Moderate Buy" and a consensus target price of $229.00.

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.