Truist Financial Issues Positive Forecast for L3Harris Technologies (NYSE:LHX) Stock Price

Key Points

• Truist Financial raised its target price for L3Harris Technologies from $279.00 to $302.00, indicating a potential upside of 12.21%.
• 13 out of 19 analysts have issued a buy rating for L3Harris Technologies, with an average target price of $275.18.
• L3Harris Technologies reported earnings of $2.78 per share, exceeding analysts' expectations of $2.48, with quarterly revenue of $5.43 billion.
• Institutional investors own 84.76% of L3Harris Technologies, reflecting strong interest from hedge funds and large investment firms.

L3Harris Technologies (NYSE:LHX - Free Report) had its price objective raised by Truist Financial from $279.00 to $302.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the company. Citigroup reaffirmed a "buy" rating and set a $300.00 target price (up from $280.00) on shares of L3Harris Technologies in a research report on Monday, July 14th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Royal Bank Of Canada upped their target price on L3Harris Technologies from $265.00 to $280.00 and gave the company a "sector perform" rating in a research report on Friday. The Goldman Sachs Group raised L3Harris Technologies from a "sell" rating to a "buy" rating and upped their target price for the company from $198.00 to $263.00 in a research report on Friday, April 11th. Finally, Wells Fargo & Company reduced their target price on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $276.53.

L3Harris Technologies Stock Down 1.5%

L3Harris Technologies stock traded down $4.15 during trading hours on Friday, reaching $269.07. The stock had a trading volume of 1,965,092 shares, compared to its average volume of 1,267,688. The company has a market cap of $50.30 billion, a price-to-earnings ratio of 30.06, a PEG ratio of 2.09 and a beta of 0.75. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.85. The business's 50 day moving average price is $251.14 and its 200-day moving average price is $225.75. L3Harris Technologies has a 52 week low of $193.09 and a 52 week high of $280.03.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $5.31 billion. During the same period in the prior year, the company posted $3.24 EPS. The firm's quarterly revenue was up 2.4% compared to the same quarter last year. Sell-side analysts anticipate that L3Harris Technologies will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 1.78%. The ex-dividend date is Friday, September 5th. L3Harris Technologies's payout ratio is currently 53.63%.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 33,061 shares of L3Harris Technologies stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the transaction, the chief executive officer directly owned 145,572 shares of the company's stock, valued at $36,171,730.56. The trade was a 18.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies 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 in the company, valued at $6,204,625. This represents a 7.32% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in L3Harris Technologies by 1.9% in the first 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 purchasing an additional 181,550 shares during the period. Wellington Management Group LLP lifted its stake in L3Harris Technologies by 12.2% during the 1st quarter. Wellington Management Group LLP now owns 5,132,140 shares of the company's stock worth $1,074,208,000 after acquiring an additional 557,610 shares in the last quarter. Geode Capital Management LLC lifted its stake in L3Harris Technologies by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 4,788,619 shares of the company's stock worth $1,004,418,000 after acquiring an additional 53,787 shares in the last quarter. Invesco Ltd. lifted its stake in L3Harris Technologies by 5.0% during the 1st quarter. Invesco Ltd. now owns 2,347,348 shares of the company's stock worth $491,323,000 after acquiring an additional 112,271 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in L3Harris Technologies by 15.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company's stock worth $486,898,000 after acquiring an additional 311,886 shares in the last quarter. 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.