L3Harris Technologies, Inc. to Issue Quarterly Dividend of $1.20 (NYSE:LHX)

L3Harris Technologies, Inc. (NYSE:LHX) announced a quarterly dividend on Thursday, April 17th, RTT News reports. Stockholders of record on Tuesday, June 3rd will be paid a dividend of 1.20 per share on Wednesday, June 18th. This represents a $4.80 annualized dividend and a dividend yield of 2.20%.

L3Harris Technologies has raised its dividend payment by an average of 4.4% annually over the last three years and has raised its dividend annually for the last 24 consecutive years. L3Harris Technologies has a payout ratio of 39.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect L3Harris Technologies to earn $12.53 per share next year, which means the company should continue to be able to cover its $4.80 annual dividend with an expected future payout ratio of 38.3%.

L3Harris Technologies Trading Down 0.4 %

Shares of LHX traded down $0.87 during trading hours on Thursday, reaching $218.01. 1,411,617 shares of the company traded hands, compared to its average volume of 1,000,847. The firm has a market cap of $40.92 billion, a price-to-earnings ratio of 27.70, a PEG ratio of 2.42 and a beta of 0.71. L3Harris Technologies has a 12-month low of $193.09 and a 12-month high of $265.74. The stock’s fifty day moving average price is $208.44 and its 200 day moving average price is $223.51. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 30th. The company reported $3.47 EPS for the quarter, topping analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Sell-side analysts forecast that L3Harris Technologies will post 11.12 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on LHX. Barclays dropped their price target on L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. JPMorgan Chase & Co. dropped their price objective on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a research note on Friday, January 31st. The Goldman Sachs Group upgraded L3Harris Technologies from a “sell” rating to a “buy” rating and upped their target price for the stock from $198.00 to $263.00 in a report on Friday, April 11th. Citigroup reduced their price target on L3Harris Technologies from $285.00 to $245.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Finally, Morgan Stanley cut their target price on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $256.35.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 1,783 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $211.48, for a total value of $377,068.84. Following the sale, the insider now directly owns 30,620 shares of the company’s stock, valued at approximately $6,475,517.60. This represents a 5.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jon Rambeau sold 3,178 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $226.00, for a total value of $718,228.00. Following the sale, the insider now directly owns 2,797 shares in the company, valued at $632,122. This represents a 53.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

Institutional Trading of L3Harris Technologies

A hedge fund recently raised its stake in L3Harris Technologies stock. Brighton Jones LLC grew its stake in L3Harris Technologies, Inc. (NYSE:LHX) by 233.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,284 shares of the company’s stock after purchasing an additional 3,001 shares during the period. Brighton Jones LLC’s holdings in L3Harris Technologies were worth $901,000 at the end of the most recent quarter. Institutional investors and hedge funds 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.