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

L3Harris Technologies, Inc. (NYSE:LHX) announced a quarterly dividend on Friday, April 19th, RTT News reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.26%.

L3Harris Technologies has increased 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. 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 opened at $205.45 on Friday. The firm has a market cap of $39.06 billion, a PE ratio of 31.90, a price-to-earnings-growth ratio of 1.91 and a beta of 0.65. The firm’s 50-day simple moving average is $210.30 and its 200-day simple moving average is $200.05. 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 1 year low of $160.25 and a 1 year high of $218.34.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Friday, January 26th. The company reported $3.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.04. The business had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 6.32% and a return on equity of 12.68%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.27 EPS. Equities analysts forecast that L3Harris Technologies will post 12.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on LHX. StockNews.com lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Royal Bank of Canada increased their price objective on shares of L3Harris Technologies from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Raymond James increased their price objective on shares of L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Citigroup increased their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. Finally, Wells Fargo & Company dropped their price objective on shares of L3Harris Technologies from $250.00 to $238.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 30th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $229.00.

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 40,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at $24,654,658.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Christopher E. Kubasik sold 40,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at $24,654,658.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 3,707 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $211.47, for a total transaction of $783,919.29. Following the completion of the transaction, the insider now owns 28,644 shares of the company’s stock, valued at $6,057,346.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,362 shares of company stock worth $10,261,360. 0.82% of the stock is owned by company insiders.

Institutional Trading of L3Harris Technologies

A number of large investors have recently added to or reduced their stakes in the business. State of Wyoming boosted its holdings in 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 buying an additional 49 shares in the last quarter. Apollon Wealth Management LLC boosted its holdings in L3Harris Technologies by 0.9% during the fourth quarter. Apollon Wealth Management LLC now owns 5,925 shares of the company’s stock worth $1,234,000 after buying an additional 52 shares in the last quarter. Advisory Services Network LLC boosted its holdings in L3Harris Technologies by 0.9% during the first quarter. Advisory Services Network LLC now owns 6,236 shares of the company’s stock worth $1,224,000 after buying an additional 54 shares in the last quarter. Harbour Investments Inc. boosted its holdings in L3Harris Technologies by 12.3% during the first quarter. Harbour Investments Inc. now owns 510 shares of the company’s stock worth $100,000 after buying an additional 56 shares in the last quarter. Finally, Vident Investment Advisory LLC boosted its holdings in L3Harris Technologies by 2.2% during the first quarter. Vident Investment Advisory LLC now owns 3,699 shares of the company’s stock worth $917,000 after buying an additional 80 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

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.