Short Interest in L3Harris (NYSE:LHX) Rises By 7.2%

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L3Harris (NYSE:LHX) was the recipient of a significant growth in short interest in November. As of November 29th, there was short interest totalling 2,080,000 shares, a growth of 7.2% from the November 14th total of 1,940,000 shares. Based on an average trading volume of 1,450,000 shares, the days-to-cover ratio is presently 1.4 days. Currently, 1.0% of the shares of the stock are short sold.

Shares of NYSE LHX traded up $3.90 during mid-day trading on Friday, hitting $200.18. The stock had a trading volume of 1,513,954 shares, compared to its average volume of 1,170,997. The company has a current ratio of 1.49, a quick ratio of 1.21 and a debt-to-equity ratio of 0.31. L3Harris has a 1 year low of $123.24 and a 1 year high of $217.31. The business’s 50 day moving average price is $198.94. The stock has a market capitalization of $43.88 billion, a price-to-earnings ratio of 24.15, a P/E/G ratio of 2.48 and a beta of 0.88.

L3Harris (NYSE:LHX) last issued its earnings results on Wednesday, October 30th. The company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.39 by $0.19. The company had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.43 billion. L3Harris had a net margin of 12.02% and a return on equity of 16.42%. L3Harris’s revenue was up 187.4% on a year-over-year basis. On average, sell-side analysts predict that L3Harris will post 10 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Thursday, November 21st. L3Harris’s payout ratio is currently 36.19%.

A number of institutional investors have recently modified their holdings of LHX. State Street Corp purchased a new position in L3Harris during the 3rd quarter valued at $1,949,311,000. Massachusetts Financial Services Co. MA purchased a new position in L3Harris during the 3rd quarter valued at $446,171,000. California Public Employees Retirement System purchased a new position in L3Harris during the 3rd quarter valued at $371,059,000. Millennium Management LLC purchased a new position in L3Harris during the 3rd quarter valued at $287,551,000. Finally, Boston Partners purchased a new position in L3Harris during the 3rd quarter valued at $274,375,000. 82.62% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have commented on LHX. SunTrust Banks lifted their price target on shares of L3Harris to $245.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Zacks Investment Research raised shares of L3Harris from a “hold” rating to a “buy” rating and set a $219.00 target price on the stock in a research note on Friday, November 1st. Sanford C. Bernstein started coverage on shares of L3Harris in a research note on Tuesday. They issued an “outperform” rating and a $247.00 target price on the stock. Alembic Global Advisors started coverage on shares of L3Harris in a research note on Monday, November 18th. They issued an “overweight” rating and a $235.00 target price on the stock. Finally, Cowen reaffirmed a “buy” rating and issued a $210.00 target price on shares of L3Harris in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $236.62.

L3Harris Company Profile

L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.

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