L3Harris Technologies (NYSE:LHX) Shares Down 0.5% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on LHX shares. Wells Fargo & Company raised their price target on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a research note on Monday, October 28th. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft reduced their target price 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. Finally, Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $267.50.

L3Harris Technologies Stock Down 0.3 %

The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The company has a market cap of $46.19 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.06 and a beta of 0.72. The firm’s fifty day simple moving average is $243.77 and its 200 day simple moving average is $232.74.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the previous year, the business posted $3.19 EPS. The firm’s revenue was up 7.7% on a year-over-year basis. Sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.91%. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insider Transactions at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the sale, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. The trade was a 18.31 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 8,964 shares of company stock worth $2,179,119. 0.87% of the stock is currently owned by insiders.

Institutional Trading of L3Harris Technologies

Institutional investors have recently modified their holdings of the stock. Hohimer Wealth Management LLC raised its position in L3Harris Technologies by 3.3% in the 3rd quarter. Hohimer Wealth Management LLC now owns 4,651 shares of the company’s stock valued at $1,106,000 after purchasing an additional 149 shares during the last quarter. TD Private Client Wealth LLC raised its position in L3Harris Technologies by 2.2% in the 3rd quarter. TD Private Client Wealth LLC now owns 7,335 shares of the company’s stock valued at $1,745,000 after purchasing an additional 156 shares during the last quarter. Fortem Financial Group LLC purchased a new stake in L3Harris Technologies in the 3rd quarter valued at $841,000. Sunbelt Securities Inc. raised its position in L3Harris Technologies by 22.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 4,855 shares of the company’s stock valued at $1,155,000 after purchasing an additional 883 shares during the last quarter. Finally, Coldstream Capital Management Inc. raised its position in L3Harris Technologies by 19.4% in the 3rd 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. Hedge funds and other institutional investors own 84.76% of the company’s stock.

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.