L3Harris raises dividend by 20%, to push implied yield to over 2.2%

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L3Harris Technologies Inc.
LHX,
-2.72%
declared Friday a quarterly dividend of $1.02 a share, which marks a 20% increase from the previous quarterly dividend of 85 cents a share. The aerospace and defense company’s new dividend will be payable March 26 to shareholders of record on March 12. The stock fell 2.2% to $182.87 in afternoon trading. Based on the current stock price, the new annual dividend rate implies a dividend yield of 2.23%, compared with the yield for the SPDR Industrial Select Sector ETF
XLI,
-1.04%
of 1.51% and the implied yield for the S&P 500
SPX,
-0.48%
of 1.51%, according to FactSet. L3Harris’s stock has dropped 13.1% over the past 12 months, while the industrial ETF has gained 17.6% and the S&P 500 has advanced 22.7%.

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