L3Harris Technologies (NYSE:LHX) Stock Price Down 1.6% – Time to Sell?

L3Harris Technologies, Inc. (NYSE:LHX)’s share price dropped 1.6% during mid-day trading on Monday . The stock traded as low as $241.66 and last traded at $242.22. Approximately 76,534 shares traded hands during trading, a decline of 92% from the average daily volume of 902,881 shares. The stock had previously closed at $246.25.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LHX. Truist Financial upped their price target on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a report on Monday, October 28th. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft decreased their price objective on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a report on Thursday, October 10th. Finally, Wells Fargo & Company increased their price target on L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $269.67.

L3Harris Technologies Trading Down 1.5 %

The business’s 50-day moving average price is $246.22 and its two-hundred day moving average price is $234.23. The firm has a market cap of $45.99 billion, a price-to-earnings ratio of 38.27, a price-to-earnings-growth ratio of 2.05 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.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share 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 analyst estimates 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 in the previous year, the company posted $3.19 EPS. Equities analysts expect that L3Harris Technologies, Inc. will post 13.1 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

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

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This trade represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 8,964 shares of company stock worth $2,179,119 in the last ninety days. 0.82% of the stock is owned by insiders.

Institutional Trading of L3Harris Technologies

A number of hedge funds have recently bought and sold shares of LHX. Meeder Asset Management Inc. boosted its stake in shares of L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares during the period. Archer Investment Corp grew its holdings in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares during the last quarter. Kennebec Savings Bank acquired a new position in L3Harris Technologies during the 3rd quarter worth $36,000. Versant Capital Management Inc boosted its holdings in L3Harris Technologies by 77.7% during the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after acquiring an additional 80 shares during the period. Finally, Family Firm Inc. acquired a new position in shares of L3Harris Technologies during the 2nd quarter worth about $45,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Company Profile

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.