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L3Harris Technologies Inc. (NYSE: NYSE:LHX), a prominent player in the aerospace and defense sector, has reached a new 52-week high, with its stock price soaring to $247.39. This milestone reflects a significant uptrend in the company's market performance, marking a substantial 39.39% increase over the past year. Investors have shown growing confidence in L3Harris Technologies, as the company continues to secure key contracts and expand its technological capabilities, positioning itself strongly in a competitive industry. The 52-week high serves as a testament to the company's robust strategic initiatives and its resilience in a dynamic market environment.
In other recent news, L3Harris Technologies has experienced several significant developments. First, the company reported a 9% increase in non-GAAP earnings per share for the second quarter of 2024, along with a substantial backlog of $32 billion. Additionally, L3Harris secured a contract potentially worth $587.4 million from the U.S. Navy to supply new tactical jamming pods over the next five years. In terms of analyst ratings, Wolfe Research upgraded L3Harris shares from Peerperform to Outperform, citing the company's strong margin performance. On the other hand, Morgan Stanley downgraded L3Harris's stock from Overweight to Equalweight, while Jefferies maintained a Buy rating for the company. CEO Christopher E. Kubasik also established a trading plan for exercising stock options and selling the corresponding shares. These are some of the recent developments for L3Harris Technologies.
InvestingPro Insights
L3Harris Technologies' recent achievement of a new 52-week high is further supported by data from InvestingPro. The company's stock is currently trading at 99.8% of its 52-week high, underscoring the strong momentum mentioned in the article. This performance is reflected in the impressive 41.85% total return over the past year.
InvestingPro Tips highlight L3Harris as a prominent player in the Aerospace & Defense industry, aligning with the article's description. The company's financial stability is evident in its 22-year streak of consecutive dividend raises and 54 years of maintained dividend payments. This consistent shareholder return policy may contribute to investor confidence and the stock's upward trajectory.
The company's revenue growth of 15.44% over the last twelve months and a quarterly growth of 12.91% in Q2 2024 indicate strong business performance, potentially driving the stock's rise. Additionally, with a PEG ratio of 0.8, the stock appears to be trading at an attractive valuation relative to its growth prospects.
For investors seeking a deeper understanding of L3Harris Technologies' potential, InvestingPro offers 11 additional tips, providing a comprehensive analysis of the company's financial health and market position.
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