L3Harris Technologies (NYSE:LHX) Trading Down 0.7% – Here’s Why

Shares of L3Harris Technologies, Inc. (NYSE:LHX) fell 0.7% during trading on Tuesday . The stock traded as low as $220.00 and last traded at $220.58. 121,957 shares were traded during mid-day trading, a decline of 87% from the average session volume of 910,084 shares. The stock had previously closed at $222.04.

Wall Street Analyst Weigh In

Several analysts have weighed in on LHX shares. Royal Bank of Canada upped their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft dropped their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a report on Tuesday, November 26th. Citigroup lifted their price target on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $269.13.

L3Harris Technologies Stock Down 1.7 %

The firm has a market cap of $41.40 billion, a P/E ratio of 34.85, a P/E/G ratio of 1.91 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The firm’s fifty day moving average is $244.74 and its 200 day moving average is $235.02.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. L3Harris Technologies’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company posted $3.19 earnings per share. As a group, equities research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were given a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s payout ratio is presently 73.30%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now owns 10,340 shares of the company’s stock, valued at approximately $2,563,596.20. The trade was a 22.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of L3Harris Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of LHX. Blue Trust Inc. increased its stake in shares of L3Harris Technologies by 106.2% in the 2nd quarter. Blue Trust Inc. now owns 332 shares of the company’s stock valued at $71,000 after acquiring an additional 171 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in L3Harris Technologies by 28.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,875 shares of the company’s stock valued at $870,000 after acquiring an additional 850 shares in the last quarter. Pallas Capital Advisors LLC purchased a new position in shares of L3Harris Technologies during the second quarter valued at approximately $229,000. Fifth Third Wealth Advisors LLC raised its holdings in shares of L3Harris Technologies by 47.5% in the second quarter. Fifth Third Wealth Advisors LLC now owns 1,834 shares of the company’s stock valued at $412,000 after purchasing an additional 591 shares during the last quarter. Finally, Courier Capital LLC bought a new position in shares of L3Harris Technologies during the 2nd quarter worth approximately $207,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.