L3Harris Technologies (NYSE:LHX) Stock Price Down 0.2% Following Insider Selling

L3Harris Technologies, Inc. (NYSE:LHX)’s stock price was down 0.2% during trading on Thursday after an insider sold shares in the company. The company traded as low as $212.00 and last traded at $212.97. Approximately 217,376 shares were traded during trading, a decline of 76% from the average daily volume of 917,020 shares. The stock had previously closed at $213.42.

Specifically, insider Ross Niebergall sold 1,764 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $223.62, for a total value of $394,465.68. Following the completion of the transaction, the insider now directly owns 8,576 shares in the company, valued at approximately $1,917,765.12. This represents a 17.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

Several research firms have weighed in on LHX. Citigroup lifted their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company decreased their price objective on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating for the company in a report on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a research note on Tuesday, November 26th. Finally, Truist Financial boosted their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, L3Harris Technologies currently has an average rating of “Moderate Buy” and an average price target of $269.13.

L3Harris Technologies Stock Down 0.6 %

The company’s 50-day simple moving average is $243.71 and its two-hundred day simple moving average is $234.82. The firm has a market capitalization of $40.24 billion, a P/E ratio of 33.52, 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 current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX) last released its earnings results 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. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the business earned $3.19 earnings per share. L3Harris Technologies’s quarterly revenue was up 7.7% compared to the same quarter last year. As a group, research analysts expect that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were paid a $1.16 dividend. The ex-dividend date was Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.19%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in shares of L3Harris Technologies by 1.3% during the third quarter. Geode Capital Management LLC now owns 4,734,832 shares of the company’s stock valued at $1,122,630,000 after purchasing an additional 59,008 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in L3Harris Technologies by 19.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after buying an additional 523,315 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in L3Harris Technologies by 1.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after acquiring an additional 27,763 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of L3Harris Technologies by 5.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock worth $366,875,000 after acquiring an additional 85,882 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of L3Harris Technologies by 2.2% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock valued at $334,429,000 after acquiring an additional 31,686 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

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.