L3Harris Technologies (NYSE:LHX) Stock Price Down 0.2% Following Insider Selling

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report)'s share price was down 0.2% during mid-day trading on Thursday following insider selling activity. The company traded as low as $212.00 and last traded at $212.97. Approximately 217,376 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 917,020 shares. The stock had previously closed at $213.42.

Specifically, insider Ross Niebergall sold 1,764 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $223.62, for a total value of $394,465.68. Following the sale, the insider now directly owns 8,576 shares in the company, valued at approximately $1,917,765.12. This trade represents a 17.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

Several analysts recently commented on LHX shares. Argus raised L3Harris Technologies from a "hold" rating to a "buy" rating and set a $300.00 price objective on the stock in a research note on Tuesday, November 26th. 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. Bank of America raised L3Harris Technologies from a "neutral" rating to a "buy" rating and increased their target price for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Royal Bank of Canada lifted 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 note on Monday, October 28th. Finally, Wolfe Research raised shares of L3Harris Technologies from a "peer perform" rating to an "outperform" rating and set a $300.00 price objective for the company in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average target price of $269.13.

L3Harris Technologies Stock Down 1.3 %

The stock has a market capitalization of $39.95 billion, a price-to-earnings ratio of 33.28, a PEG ratio of 1.91 and a beta of 0.72. The firm has a 50-day moving average of $243.71 and a 200 day moving average of $234.82. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.27 by $0.07. The company 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%. L3Harris Technologies's quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.19 EPS. As a group, sell-side analysts forecast that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were paid a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Monday, November 18th. L3Harris Technologies's dividend payout ratio (DPR) is presently 73.30%.

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LHX. Blue Trust Inc. raised its holdings in L3Harris Technologies by 106.2% in the 2nd quarter. Blue Trust Inc. now owns 332 shares of the company's stock valued at $71,000 after acquiring an additional 171 shares during the period. Hennion & Walsh Asset Management Inc. grew its position in shares of L3Harris Technologies by 28.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,875 shares of the company's stock valued at $870,000 after purchasing an additional 850 shares during the last quarter. Cornerstone Wealth Group LLC increased its stake in shares of L3Harris Technologies by 8.5% during the second quarter. Cornerstone Wealth Group LLC now owns 13,658 shares of the company's stock worth $3,067,000 after purchasing an additional 1,073 shares during the period. Bowman & Co S.C. lifted its holdings in L3Harris Technologies by 9.7% during the 2nd quarter. Bowman & Co S.C. now owns 3,859 shares of the company's stock worth $866,000 after purchasing an additional 342 shares during the last quarter. Finally, Premier Path Wealth Partners LLC bought a new stake in L3Harris Technologies in the 2nd quarter valued at $332,000. 84.76% of the stock is owned by 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.