L3Harris Technologies (NYSE:LHX) Shares Down 0.5% – Time to Sell?

L3Harris Technologies, Inc. (NYSE:LHX)’s share price dropped 0.5% on Wednesday . The stock traded as low as $241.10 and last traded at $242.29. Approximately 123,405 shares were traded during trading, a decline of 86% from the average daily volume of 907,463 shares. The stock had previously closed at $243.58.

Analyst Ratings Changes

LHX has been the subject of several recent analyst reports. Royal Bank of Canada upped their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Wells Fargo & Company upped their price objective on shares of L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Barclays lifted their target price on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Finally, Citigroup lifted their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $267.50.

L3Harris Technologies Price Performance

The firm has a market cap of $46.07 billion, a price-to-earnings ratio of 38.28, a PEG ratio of 2.06 and a beta of 0.72. The company’s fifty day moving average is $243.77 and its 200 day moving average is $232.74. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating 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 company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter last year, the company earned $3.19 EPS. L3Harris Technologies’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities research analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $247.93, for a total value of $740,814.84. Following the sale, the insider now owns 10,340 shares in the company, valued at $2,563,596.20. This represents a 22.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders sold 8,964 shares of company stock valued at $2,179,119. 0.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Edgestream Partners L.P. raised its holdings in L3Harris Technologies by 151.6% in the 1st quarter. Edgestream Partners L.P. now owns 3,859 shares of the company’s stock valued at $822,000 after acquiring an additional 2,325 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of L3Harris Technologies by 47.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 10,880 shares of the company’s stock worth $2,319,000 after purchasing an additional 3,513 shares during the period. UniSuper Management Pty Ltd lifted its holdings in L3Harris Technologies by 291.5% during the 1st quarter. UniSuper Management Pty Ltd now owns 6,809 shares of the company’s stock worth $1,451,000 after purchasing an additional 5,070 shares during the last quarter. Bessemer Group Inc. boosted its stake in L3Harris Technologies by 111.6% in the 1st quarter. Bessemer Group Inc. now owns 13,629 shares of the company’s stock valued at $2,904,000 after purchasing an additional 7,187 shares during the period. Finally, Lake Street Advisors Group LLC acquired a new position in L3Harris Technologies in the 1st quarter valued at $235,000. 84.76% of the stock is owned by institutional investors and hedge funds.

About L3Harris Technologies

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.