L3Harris Technologies (NYSE:LHX) Trading Down 0.5% – What’s Next?

L3Harris Technologies, Inc. (NYSE:LHX) shares were down 0.5% during trading on Monday . The company traded as low as $245.05 and last traded at $245.65. Approximately 92,090 shares traded hands during trading, a decline of 90% from the average daily volume of 908,619 shares. The stock had previously closed at $247.00.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wells Fargo & Company upped their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, October 28th. 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. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Citigroup boosted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Susquehanna upped their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $267.50.

L3Harris Technologies Stock Down 0.4 %

The firm has a market capitalization of $46.65 billion, a P/E ratio of 38.80, a price-to-earnings-growth ratio of 2.06 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The stock has a fifty day moving average of $243.16 and a 200 day moving average of $232.29.

L3Harris Technologies (NYSE:LHX) last issued its 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 return on equity of 13.11% and a net margin of 5.71%. The company’s revenue was up 7.7% compared to the same quarter last year. During the same period last year, the business posted $3.19 EPS. On average, research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is 73.30%.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the sale, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. This trade represents a 15.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 8,964 shares of company stock worth $2,179,119 over the last 90 days. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of L3Harris Technologies

Hedge funds have recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. boosted its holdings in L3Harris Technologies by 19.4% in the third quarter. Coldstream Capital Management Inc. now owns 12,217 shares of the company’s stock valued at $2,911,000 after purchasing an additional 1,982 shares during the last quarter. Geode Capital Management LLC grew its position in L3Harris Technologies by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,734,832 shares of the company’s stock valued at $1,122,630,000 after buying an additional 59,008 shares in the last quarter. Foyston Gordon & Payne Inc raised its position in L3Harris Technologies by 1.3% in the third quarter. Foyston Gordon & Payne Inc now owns 24,809 shares of the company’s stock worth $5,901,000 after acquiring an additional 315 shares in the last quarter. M&T Bank Corp raised its holdings in L3Harris Technologies by 4.6% during the 3rd quarter. M&T Bank Corp now owns 13,271 shares of the company’s stock worth $3,157,000 after buying an additional 585 shares during the period. Finally, LRI Investments LLC grew its stake in L3Harris Technologies by 1,864.9% during the 3rd quarter. LRI Investments LLC now owns 18,195 shares of the company’s stock valued at $4,328,000 after acquiring an additional 17,269 shares in the last quarter. 84.76% of the stock is 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.