L3Harris Technologies (NYSE:LHX) Trading Down 0.5% – Should You Sell?

L3Harris Technologies, Inc. (NYSE:LHX)’s stock price dropped 0.5% during mid-day trading on Wednesday . The stock traded as low as $241.10 and last traded at $242.29. Approximately 123,405 shares traded hands during trading, a decline of 86% from the average daily volume of 907,463 shares. The stock had previously closed at $243.58.

Analyst Ratings Changes

Several brokerages have weighed in on LHX. Deutsche Bank Aktiengesellschaft dropped their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a research report on Thursday, October 10th. Susquehanna increased their target price 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. Barclays boosted their price target on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Finally, Citigroup raised their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $267.50.

L3Harris Technologies Trading Down 0.3 %

The business has a 50-day moving average of $243.77 and a two-hundred day moving average of $232.74. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $46.07 billion, a price-to-earnings ratio of 38.28, a P/E/G ratio of 2.06 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating analysts’ consensus estimates of $3.27 by $0.07. The business had revenue of $5.29 billion during 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%. L3Harris Technologies’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $3.19 earnings per share. Research analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Insider Buying and Selling 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 stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. The trade was a 18.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 8,964 shares of company stock valued at $2,179,119. 0.87% of the stock is currently owned by company insiders.

Institutional Trading of L3Harris Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. KCM Investment Advisors LLC lifted its holdings in L3Harris Technologies by 43.8% in the third quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock valued at $4,584,000 after buying an additional 5,868 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of L3Harris Technologies by 17.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after purchasing an additional 6,634 shares during the period. Edgestream Partners L.P. boosted its position in shares of L3Harris Technologies by 151.6% in the 1st quarter. Edgestream Partners L.P. now owns 3,859 shares of the company’s stock worth $822,000 after purchasing an additional 2,325 shares during the last quarter. Creative Planning grew its stake in shares of L3Harris Technologies by 1.2% during the third quarter. Creative Planning now owns 41,588 shares of the company’s stock worth $9,893,000 after purchasing an additional 512 shares during the period. Finally, Manning & Napier Advisors LLC bought a new stake in L3Harris Technologies in the second quarter valued at about $210,886,000. 84.76% of the stock is owned by 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.