L3Harris Technologies (NYSE:LHX) Shares Gap Up After Strong Earnings

L3Harris Technologies, Inc. (NYSE:LHX) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $244.17, but opened at $257.80. L3Harris Technologies shares last traded at $256.33, with a volume of 194,038 shares traded.

The company reported $3.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the company earned $3.19 EPS. L3Harris Technologies’s quarterly revenue was up 7.7% compared to the same quarter last year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on LHX shares. Susquehanna raised their price target on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Royal Bank of Canada lowered L3Harris Technologies from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $250.00 to $240.00 in a research report on Wednesday, August 14th. Wells Fargo & Company decreased their target price on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Citigroup lifted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $275.00 to $257.00 in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $256.71.

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the transaction, the insider now directly owns 16,316 shares in the company, valued at approximately $3,861,670.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Koshinski Asset Management Inc. grew its stake in L3Harris Technologies by 2.7% during the 3rd quarter. Koshinski Asset Management Inc. now owns 1,620 shares of the company’s stock worth $385,000 after buying an additional 42 shares during the last quarter. RFG Advisory LLC grew its stake in L3Harris Technologies by 3.1% during the 2nd quarter. RFG Advisory LLC now owns 1,416 shares of the company’s stock worth $318,000 after buying an additional 43 shares during the last quarter. Blossom Wealth Management grew its stake in L3Harris Technologies by 1.7% during the 3rd quarter. Blossom Wealth Management now owns 2,538 shares of the company’s stock worth $604,000 after buying an additional 43 shares during the last quarter. Nicholas Hoffman & Company LLC. grew its stake in L3Harris Technologies by 3.3% during the 3rd quarter. Nicholas Hoffman & Company LLC. now owns 1,353 shares of the company’s stock worth $322,000 after buying an additional 43 shares during the last quarter. Finally, Optas LLC grew its stake in L3Harris Technologies by 3.3% during the 2nd quarter. Optas LLC now owns 1,381 shares of the company’s stock worth $310,000 after buying an additional 44 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

L3Harris Technologies Trading Up 3.5 %

The company has a 50 day moving average of $236.59 and a two-hundred day moving average of $226.89. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The stock has a market capitalization of $47.92 billion, a PE ratio of 41.02, a P/E/G ratio of 2.08 and a beta of 0.73.

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.