L3Harris Technologies (NYSE:LHX) Shares Down 2.2% – Time to Sell?

L3Harris Technologies, Inc. (NYSE:LHX) shares were down 2.2% on Monday . The stock traded as low as $229.17 and last traded at $229.40. Approximately 274,826 shares traded hands during trading, a decline of 70% from the average daily volume of 905,436 shares. The stock had previously closed at $234.64.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on LHX shares. StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Truist Financial upped their target price on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Royal Bank of Canada lifted their target price on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a report on Monday, October 28th. Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a report on Tuesday, November 26th. Finally, Wells Fargo & Company lifted their price objective on shares of L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $269.67.

L3Harris Technologies Stock Up 0.3 %

The company has a market cap of $43.72 billion, a P/E ratio of 36.42, a price-to-earnings-growth ratio of 1.96 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 price of $246.53 and a two-hundred day moving average price of $234.82.

L3Harris Technologies (NYSE:LHX) last issued 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. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the business earned $3.19 EPS. The business’s revenue was up 7.7% on a year-over-year basis. On average, research analysts expect that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.01%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now directly owns 10,340 shares in the company, valued at $2,563,596.20. The trade was a 22.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional Trading of L3Harris Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Copley Financial Group Inc. bought a new stake in shares of L3Harris Technologies in the 3rd quarter worth approximately $449,000. Franklin Resources Inc. grew its stake in shares of L3Harris Technologies by 0.6% during the 3rd quarter. Franklin Resources Inc. now owns 218,228 shares of the company’s stock worth $54,171,000 after acquiring an additional 1,221 shares during the period. Peapack Gladstone Financial Corp increased its holdings in L3Harris Technologies by 0.5% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 41,577 shares of the company’s stock worth $9,890,000 after acquiring an additional 194 shares during the last quarter. Synovus Financial Corp raised its stake in L3Harris Technologies by 17.5% in the 3rd quarter. Synovus Financial Corp now owns 6,734 shares of the company’s stock valued at $1,602,000 after acquiring an additional 1,003 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in L3Harris Technologies during the third quarter worth about $1,704,000. 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.