Alembic Global Advisors started coverage on shares of L3Harris (NYSE:LHX) in a report published on Monday morning, The Fly reports. The brokerage issued an overweight rating and a $235.00 price objective on the stock.
A number of other research firms also recently issued reports on LHX. UBS Group set a $225.00 price target on shares of L3Harris and gave the company a hold rating in a research note on Friday, November 1st. Barclays reissued a buy rating and issued a $270.00 price target on shares of L3Harris in a research note on Wednesday, October 9th. Jefferies Financial Group boosted their price target on shares of L3Harris from $235.00 to $250.00 and gave the company a buy rating in a research note on Monday, September 16th. Cowen reissued a buy rating and issued a $210.00 price target on shares of L3Harris in a research note on Wednesday, October 30th. Finally, ValuEngine downgraded shares of L3Harris from a hold rating to a sell rating in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $235.82.
Shares of L3Harris stock traded up $0.41 on Monday, reaching $203.15. The company had a trading volume of 1,189,143 shares, compared to its average volume of 1,241,738. The business has a 50 day simple moving average of $202.77. The stock has a market cap of $44.77 billion, a price-to-earnings ratio of 24.51, a PEG ratio of 2.53 and a beta of 0.91. L3Harris has a 52-week low of $123.24 and a 52-week high of $217.31. The company has a current ratio of 1.49, a quick ratio of 1.21 and a debt-to-equity ratio of 0.31.
L3Harris (NYSE:LHX) last released its quarterly earnings results on Wednesday, October 30th. The company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.39 by $0.19. The business had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.43 billion. L3Harris had a net margin of 12.02% and a return on equity of 16.42%. L3Harris’s revenue for the quarter was up 187.4% compared to the same quarter last year. Analysts anticipate that L3Harris will post 9.99 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Thursday, November 21st. L3Harris’s payout ratio is currently 36.19%.
In related news, CEO William M. Brown sold 130,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $211.07, for a total transaction of $27,439,100.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas A. Corcoran sold 2,894 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $212.56, for a total transaction of $615,148.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 499,096 shares of company stock worth $105,484,258. 1.70% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the business. MUFG Americas Holdings Corp purchased a new stake in shares of L3Harris in the 3rd quarter valued at approximately $215,000. Financial Architects Inc purchased a new stake in shares of L3Harris in the 3rd quarter valued at approximately $346,000. AllSquare Wealth Management LLC increased its position in shares of L3Harris by 132.0% in the 3rd quarter. AllSquare Wealth Management LLC now owns 232 shares of the company’s stock valued at $48,000 after purchasing an additional 132 shares during the last quarter. CNA Financial Corp purchased a new stake in shares of L3Harris in the 3rd quarter valued at approximately $3,484,000. Finally, First Allied Advisory Services Inc. purchased a new stake in shares of L3Harris in the 3rd quarter valued at approximately $3,430,000. 97.80% of the stock is currently owned by institutional investors.
L3Harris Company Profile
L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.
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