L3Harris Technologies (NYSE:LHX) Shares Down 0.6% – Should You Sell?

L3Harris Technologies, Inc. (NYSE:LHX)’s share price traded down 0.6% on Tuesday . The stock traded as low as $240.66 and last traded at $241.46. 60,790 shares were traded during trading, a decline of 93% from the average session volume of 903,117 shares. The stock had previously closed at $242.82.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Truist Financial lifted their target price on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Citigroup boosted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Royal Bank of Canada lifted their price target on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a report on Monday, October 28th. Finally, Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their price target for the company from $240.00 to $300.00 in a report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.67.

L3Harris Technologies Stock Up 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 firm has a market cap of $45.61 billion, a price-to-earnings ratio of 37.99, a PEG ratio of 2.00 and a beta of 0.72. The firm has a 50-day moving average of $246.57 and a two-hundred day moving average of $234.54.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the previous year, the firm earned $3.19 EPS. The firm’s revenue was up 7.7% compared to the same quarter last year. As a group, sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company 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 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 yield of 1.93%. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the completion of the transaction, the insider now directly owns 10,340 shares in the company, valued at approximately $2,563,596.20. The trade was a 22.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

Institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. grew its position in shares of L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after purchasing an additional 86 shares during the period. Archer Investment Corp boosted its position in L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares during the last quarter. Kennebec Savings Bank bought a new stake in shares of L3Harris Technologies during the 3rd quarter worth approximately $36,000. Family Firm Inc. bought a new stake in shares of L3Harris Technologies during the 2nd quarter worth approximately $45,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of L3Harris Technologies during the 2nd quarter worth approximately $57,000. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.