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

L3Harris Technologies, Inc. (NYSE:LHX) announced a quarterly dividend on Friday, April 19th, RTT News reports. Investors of record on Tuesday, June 4th will be given a dividend of 1.16 per share on Tuesday, June 18th. This represents a $4.64 dividend on an annualized basis and a yield of 2.26%.

L3Harris Technologies has raised its dividend payment by an average of 10.3% annually over the last three years and has increased its dividend every year for the last 23 years. L3Harris Technologies has a payout ratio of 32.5% indicating that its dividend is sufficiently covered by earnings. Research 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 Up 1.7 %

NYSE LHX traded up $3.37 on Friday, reaching $205.45. The company had a trading volume of 898,523 shares, compared to its average volume of 1,119,950. The firm has a market capitalization of $39.06 billion, a PE ratio of 31.71, a P/E/G ratio of 1.87 and a beta of 0.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.82. The firm has a 50-day moving average of $210.39 and a 200-day moving average of $199.60. L3Harris Technologies has a 1 year low of $160.25 and a 1 year high of $218.34.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Friday, January 26th. The company reported $3.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.04. L3Harris Technologies had a return on equity of 12.68% and a net margin of 6.32%. The firm had revenue of $5.34 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the business posted $3.27 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities research analysts anticipate that L3Harris Technologies will post 12.73 EPS for the current fiscal year.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Edward J. Zoiss sold 3,707 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total value of $783,919.29. Following the sale, the insider now owns 28,644 shares of the company’s stock, valued at approximately $6,057,346.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Edward J. Zoiss sold 3,707 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total transaction of $783,919.29. Following the sale, the insider now owns 28,644 shares of the company’s stock, valued at approximately $6,057,346.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Christopher E. Kubasik sold 40,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 116,175 shares in the company, valued at approximately $24,654,658.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,362 shares of company stock valued at $10,261,360. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. FIL Ltd increased its holdings in L3Harris Technologies by 36.6% during the 4th quarter. FIL Ltd now owns 116,888 shares of the company’s stock worth $24,619,000 after purchasing an additional 31,332 shares in the last quarter. Hobbs Group Advisors LLC bought a new stake in L3Harris Technologies during the 4th quarter worth approximately $56,000. Sanibel Captiva Trust Company Inc. bought a new position in shares of L3Harris Technologies in the fourth quarter valued at approximately $377,000. Harbour Investments Inc. grew its holdings in shares of L3Harris Technologies by 120.6% in the fourth quarter. Harbour Investments Inc. now owns 1,326 shares of the company’s stock valued at $279,000 after acquiring an additional 725 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of L3Harris Technologies by 0.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 95,450 shares of the company’s stock valued at $20,104,000 after acquiring an additional 355 shares in the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com lowered L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Monday, January 29th. Raymond James raised their price objective on L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th. TheStreet raised L3Harris Technologies from a “c+” rating to a “b-” rating in a research note on Thursday, December 21st. JPMorgan Chase & Co. raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $240.00 price target for the company in a research note on Thursday, January 11th. Finally, Royal Bank of Canada raised their price objective on L3Harris Technologies from $235.00 to $245.00 and gave the company an “outperform” rating in a research note on Monday, January 29th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and an average target price of $229.00.

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.