L3Harris Technologies (NYSE:LHX) Shares Down 0.3% - Here's What Happened

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report)'s share price traded down 0.3% on Wednesday . The company traded as low as $217.20 and last traded at $217.77. 109,337 shares were traded during trading, a decline of 88% from the average session volume of 915,678 shares. The stock had previously closed at $218.45.

Analyst Ratings Changes

A number of equities research analysts recently commented on LHX shares. Royal Bank of Canada lifted their price target 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. Deutsche Bank Aktiengesellschaft dropped their price target on L3Harris Technologies from $252.00 to $250.00 and set a "hold" rating on the stock in a research report on Thursday, October 3rd. Truist Financial lifted their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the stock a "buy" rating in a report on Monday, October 28th. Bank of America raised shares of L3Harris Technologies from a "neutral" rating to a "buy" rating and upped their price objective for the company from $240.00 to $300.00 in a report on Thursday, October 31st. Finally, Wells Fargo & Company reduced their target price on shares of L3Harris Technologies from $295.00 to $287.00 and set an "overweight" rating for the company in a research note on Wednesday, December 11th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $269.13.

L3Harris Technologies Stock Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The company has a 50 day simple moving average of $244.28 and a 200-day simple moving average of $234.98. The firm has a market cap of $40.48 billion, a PE ratio of 33.72, a price-to-earnings-growth ratio of 1.91 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted 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 business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the firm posted $3.19 earnings per share. The firm's revenue for the quarter was up 7.7% on a year-over-year basis. As a group, equities research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were issued a dividend of $1.16 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.17%. L3Harris Technologies's dividend payout ratio is presently 73.30%.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now directly owns 10,340 shares in the company, 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 document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders have sold 7,740 shares of company stock valued at $1,866,384. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of L3Harris Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. KCM Investment Advisors LLC lifted its holdings in shares of L3Harris Technologies by 43.8% during the third quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company's stock valued at $4,584,000 after purchasing an additional 5,868 shares during the last quarter. Fortem Financial Group LLC purchased a new stake in shares of L3Harris Technologies in the third quarter worth $841,000. Creative Planning increased its holdings in shares of L3Harris Technologies by 1.2% during the third quarter. Creative Planning now owns 41,588 shares of the company's stock valued at $9,893,000 after acquiring an additional 512 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of L3Harris Technologies in the 3rd quarter worth about $35,904,000. Finally, GDS Wealth Management grew its position in L3Harris Technologies by 4.5% during the 3rd quarter. GDS Wealth Management now owns 76,701 shares of the company's stock valued at $18,245,000 after purchasing an additional 3,275 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

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.