L3Harris Technologies (NYSE:LHX) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of L3Harris Technologies (NYSE:LHX) from a buy rating to a hold rating in a report published on Saturday morning.

LHX has been the topic of a number of other research reports. Royal Bank Of Canada upped their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a “sector perform” rating in a research report on Friday, January 30th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research report on Friday. Susquehanna reiterated a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Morgan Stanley upped their price target on L3Harris Technologies from $367.00 to $390.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. Finally, Vertical Research restated a “buy” rating and set a $355.00 price target on shares of L3Harris Technologies in a research report on Tuesday, January 13th. Fifteen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Trading Up 0.3%

LHX opened at $350.59 on Friday. The business’s 50 day moving average price is $316.50 and its 200 day moving average price is $295.10. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. The stock has a market capitalization of $65.58 billion, a PE ratio of 41.10, a P/E/G ratio of 2.52 and a beta of 0.64. L3Harris Technologies has a one year low of $193.09 and a one year high of $369.59.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.47 earnings per share. As a group, equities research analysts expect that L3Harris Technologies will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. This is a positive change from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s payout ratio is presently 56.27%.

Insiders Place Their Bets

In other news, insider Samir Mehta sold 4,840 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $338.85, for a total value of $1,640,034.00. Following the sale, the insider directly owned 5,916 shares in the company, valued at approximately $2,004,636.60. This trade represents a 45.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher E. Kubasik sold 14,171 shares of L3Harris Technologies stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $301.05, for a total value of $4,266,179.55. Following the completion of the transaction, the chief executive officer owned 144,426 shares of the company’s stock, valued at approximately $43,479,447.30. This trade represents a 8.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is currently owned by corporate insiders.

Institutional Trading of L3Harris Technologies

Large investors have recently made changes to their positions in the company. Caitlin John LLC acquired a new position in L3Harris Technologies during the 3rd quarter worth approximately $28,000. JPL Wealth Management LLC acquired a new stake in shares of L3Harris Technologies in the 3rd quarter valued at $29,000. American National Bank & Trust lifted its position in shares of L3Harris Technologies by 44.8% during the 4th quarter. American National Bank & Trust now owns 97 shares of the company’s stock worth $28,000 after purchasing an additional 30 shares during the last quarter. Lloyd Advisory Services LLC. acquired a new position in shares of L3Harris Technologies during the fourth quarter worth $30,000. Finally, Triumph Capital Management purchased a new position in L3Harris Technologies in the third quarter valued at $31,000. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Company Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.