L3Harris Technologies (NYSE:LHX) Shares Down 1.9% – Time to Sell?

Shares of L3Harris Technologies, Inc. (NYSE:LHX) fell 1.9% during mid-day 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.

Analyst Ratings Changes

LHX has been the topic of a number of recent analyst reports. Susquehanna lifted their price target on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Citigroup increased their price target on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Royal Bank of Canada boosted 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. Finally, 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 research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Trading Down 3.0 %

The firm has a 50 day simple moving average of $244.86 and a 200 day simple moving average of $233.39. The firm has a market cap of $45.63 billion, a P/E ratio of 38.48, a P/E/G ratio of 2.07 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last posted 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. The business had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The business’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period in the prior year, the company posted $3.19 EPS. On average, equities research analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

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

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction 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 sale, the insider now directly owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. The trade was a 18.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 8,964 shares of company stock worth $2,179,119. 0.87% of the stock is currently owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of large investors have recently added to or reduced their stakes in LHX. Meeder Asset Management Inc. increased its position in shares of L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after purchasing an additional 86 shares during the last quarter. Archer Investment Corp grew its position in L3Harris Technologies by 48.9% during 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 during the last quarter. EntryPoint Capital LLC raised 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 worth $36,000 after acquiring an additional 69 shares in the last quarter. Kennebec Savings Bank purchased a new position in shares of L3Harris Technologies during the third quarter worth approximately $36,000. Finally, Versant Capital Management Inc lifted its holdings in shares of L3Harris Technologies by 77.7% in the 2nd quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after acquiring an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

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.