L3Harris Technologies (NYSE:LHX) Shares Down 3.2% – What’s Next?

L3Harris Technologies, Inc. (NYSE:LHX) traded down 3.2% during trading on Thursday . The stock traded as low as $253.37 and last traded at $253.37. 122,880 shares changed hands during trading, a decline of 86% from the average session volume of 902,455 shares. The stock had previously closed at $261.65.

Analysts Set New Price Targets

LHX has been the subject of several recent analyst reports. Royal Bank of Canada lifted their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Truist Financial raised their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, October 28th. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Finally, Barclays boosted their price objective on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Four equities research analysts have rated the stock with a hold rating and eleven 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 price target of $267.50.

L3Harris Technologies Trading Down 0.5 %

The firm has a market capitalization of $46.85 billion, a price-to-earnings ratio of 39.02, a price-to-earnings-growth ratio of 2.18 and a beta of 0.72. The business’s 50 day moving average price is $243.16 and its 200-day moving average price is $232.02. 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 issued its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.28 billion. During the same period in the prior year, the business posted $3.19 EPS. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. Equities analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.88%. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction 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 sale, the insider now owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 8,964 shares of company stock valued at $2,179,119. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. lifted its stake in 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 buying an additional 86 shares in the last quarter. Archer Investment Corp lifted its position in shares of L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after acquiring an additional 43 shares in the last quarter. EntryPoint Capital LLC boosted its stake in shares of L3Harris Technologies by 70.4% during the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after acquiring an additional 69 shares during the last quarter. Kennebec Savings Bank purchased a new stake in L3Harris Technologies during the 3rd quarter worth about $36,000. Finally, Versant Capital Management Inc raised its stake in L3Harris Technologies by 77.7% in the 2nd quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

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.