L3Harris Technologies (NYSE:LHX) Shares Down 1.9% – What’s Next?

L3Harris Technologies, Inc. (NYSE:LHX) shares traded down 1.9% during trading on Monday . The stock traded as low as $243.48 and last traded at $243.55. 134,319 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 905,752 shares. The stock had previously closed at $248.16.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on LHX shares. Citigroup boosted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Wells Fargo & Company boosted their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Deutsche Bank Aktiengesellschaft cut their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a report on Thursday, October 10th. Finally, Royal Bank of Canada increased their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $267.50.

L3Harris Technologies Stock Down 3.0 %

The company’s fifty day simple moving average is $244.86 and its 200 day simple moving average is $233.39. 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 $45.63 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 2.07 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) 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 firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the prior year, the company earned $3.19 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. Analysts anticipate that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now owns 10,340 shares of the company’s stock, valued at $2,563,596.20. The trade was a 22.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 8,964 shares of company stock valued at $2,179,119 in the last three months. 0.87% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several large investors have recently made changes to their positions in LHX. EntryPoint Capital LLC raised its stake in 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 buying an additional 69 shares during the last quarter. Silvercrest Asset Management Group LLC raised its position in shares of L3Harris Technologies by 1.8% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 49,319 shares of the company’s stock worth $10,510,000 after purchasing an additional 865 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in L3Harris Technologies by 2.8% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,074 shares of the company’s stock worth $1,507,000 after purchasing an additional 193 shares in the last quarter. Coppell Advisory Solutions Corp. bought a new position in L3Harris Technologies in the 1st quarter worth about $2,199,000. Finally, Comerica Bank grew its position in L3Harris Technologies by 5.1% during the 1st quarter. Comerica Bank now owns 86,019 shares of the company’s stock valued at $18,331,000 after purchasing an additional 4,148 shares during 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.