L3Harris Technologies, Inc. (NYSE:LHX) Sees Significant Growth in Short Interest

L3Harris Technologies, Inc. (NYSE:LHX) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 1,470,000 shares, an increase of 25.6% from the May 31st total of 1,170,000 shares. Based on an average daily trading volume, of 871,700 shares, the days-to-cover ratio is currently 1.7 days. Approximately 0.8% of the shares of the company are short sold.

Insider Activity at L3Harris Technologies

In related news, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $216.73, for a total transaction of $726,912.42. Following the completion of the transaction, the vice president now owns 14,186 shares in the company, valued at $3,074,531.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 26,190 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the completion of the transaction, the chief executive officer now owns 120,326 shares in the company, valued at $27,157,578.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $216.73, for a total transaction of $726,912.42. Following the transaction, the vice president now owns 14,186 shares of the company’s stock, valued at approximately $3,074,531.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,898 shares of company stock worth $18,558,167. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LHX. Synovus Financial Corp grew its holdings in shares of L3Harris Technologies by 6.2% in the third quarter. Synovus Financial Corp now owns 5,595 shares of the company’s stock worth $975,000 after purchasing an additional 325 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in L3Harris Technologies by 588.7% in the third quarter. Qube Research & Technologies Ltd now owns 117,032 shares of the company’s stock valued at $20,378,000 after acquiring an additional 100,038 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in L3Harris Technologies by 33.1% in the third quarter. Tower Research Capital LLC TRC now owns 9,847 shares of the company’s stock valued at $1,715,000 after acquiring an additional 2,448 shares in the last quarter. Gotham Asset Management LLC bought a new stake in L3Harris Technologies in the third quarter valued at $1,212,000. Finally, Lazard Asset Management LLC boosted its holdings in L3Harris Technologies by 661,877.8% in the third quarter. Lazard Asset Management LLC now owns 59,578 shares of the company’s stock valued at $10,373,000 after acquiring an additional 59,569 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on LHX. Wells Fargo & Company increased their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Royal Bank of Canada increased their price target on shares of L3Harris Technologies from $245.00 to $250.00 and gave the stock an “outperform” rating in a report on Monday, April 29th. JPMorgan Chase & Co. increased their price target on shares of L3Harris Technologies from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Alembic Global Advisors raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price target on the stock in a report on Monday, April 22nd. Finally, Barclays increased their price target on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $231.80.

L3Harris Technologies Price Performance

Shares of LHX stock traded up $1.40 during trading hours on Friday, hitting $224.58. 3,463,346 shares of the company’s stock were exchanged, compared to its average volume of 651,210. The company has a market capitalization of $42.60 billion, a PE ratio of 36.46, a PEG ratio of 1.88 and a beta of 0.71. L3Harris Technologies has a 12-month low of $160.25 and a 12-month high of $228.13. The business’s 50 day simple moving average is $219.69 and its 200-day simple moving average is $212.84. The company has a current ratio of 0.98, a quick ratio of 0.80 and a debt-to-equity ratio of 0.59.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, April 25th. The company reported $3.06 EPS for the quarter, topping the consensus estimate of $2.89 by $0.17. The firm had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.11 billion. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The business’s revenue was up 16.6% compared to the same quarter last year. During the same period last year, the firm posted $2.86 earnings per share. On average, equities research analysts anticipate that L3Harris Technologies will post 12.93 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend was Tuesday, June 4th. L3Harris Technologies’s dividend payout ratio is 75.32%.

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.