L3Harris Technologies (NYSE:LHX) Trading Down 3.2% – Time to Sell?

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LHX. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $275.00 to $257.00 in a report on Friday, August 9th. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a report on Thursday, October 10th. Royal Bank of Canada boosted their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a report on Monday, October 28th. Citigroup boosted their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Wells Fargo & Company boosted their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an “overweight” rating in a report on Monday, October 28th. Four equities 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 company presently has an average rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Stock Performance

The firm’s 50-day simple moving average is $242.46 and its 200-day simple moving average is $231.69. The company has a market capitalization of $47.22 billion, a PE ratio of 40.03, a PEG ratio of 2.18 and a beta of 0.72. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results 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 net margin of 5.71% and a return on equity of 13.11%. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the prior year, the company earned $3.19 EPS. The company’s revenue was up 7.7% compared to the same quarter last year. On average, research analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.86%. L3Harris Technologies’s payout ratio is presently 73.30%.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares in the company, valued at $3,261,095.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 8,964 shares of company stock worth $2,179,119 in the last 90 days. 0.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in L3Harris Technologies by 12.9% during the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after acquiring an additional 2,606,267 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of L3Harris Technologies by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company’s stock valued at $2,052,411,000 after buying an additional 45,845 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of L3Harris Technologies by 19.7% in 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 during the period. Allspring Global Investments Holdings LLC grew its holdings in L3Harris Technologies by 1.4% during the third 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 period. Finally, Massachusetts Financial Services Co. MA raised its position in L3Harris Technologies by 5.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock valued at $366,875,000 after acquiring an additional 85,882 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other 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.