L3Harris Technologies (NYSE:LHX) Stock Price Down 1% - Should You Sell?

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report)'s stock price dropped 1% on Thursday . The company traded as low as $237.19 and last traded at $237.98. Approximately 86,168 shares changed hands during trading, a decline of 90% from the average daily volume of 902,562 shares. The stock had previously closed at $240.48.

Analysts Set New Price Targets

Several analysts have recently issued reports on LHX shares. Wells Fargo & Company increased their target price on L3Harris Technologies from $260.00 to $295.00 and gave the stock an "overweight" rating in a report on Monday, October 28th. Truist Financial increased their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday, October 28th. StockNews.com raised shares of L3Harris Technologies from a "hold" rating to 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 lifted their price objective for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Finally, Argus raised L3Harris Technologies from a "hold" rating to a "buy" rating and set a $300.00 target price on the stock in a report on Tuesday, November 26th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $269.67.

L3Harris Technologies Price Performance

The company has a fifty day moving average of $246.57 and a 200-day moving average of $234.54. The firm has a market cap of $45.22 billion, a P/E ratio of 37.60, a P/E/G ratio of 2.00 and a beta of 0.72. 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 announced its quarterly earnings data 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 firm had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.19 EPS. On average, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business 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. This represents a $4.64 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Monday, November 18th. L3Harris Technologies's payout ratio is 73.30%.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business's stock in a transaction dated 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 directly owns 10,340 shares in the company, valued at approximately $2,563,596.20. The trade was a 22.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.82% of the stock is owned by company insiders.

Institutional Trading of L3Harris Technologies

Several hedge funds and other institutional investors have recently modified their holdings of LHX. Geode Capital Management LLC lifted its holdings in L3Harris Technologies by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,734,832 shares of the company's stock worth $1,122,630,000 after purchasing an additional 59,008 shares in the last quarter. Bank of New York Mellon Corp grew its stake in L3Harris Technologies by 19.7% during the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company's stock valued at $712,858,000 after acquiring an additional 523,315 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in L3Harris Technologies by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company's stock worth $485,215,000 after acquiring an additional 27,763 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in L3Harris Technologies by 5.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company's stock worth $366,875,000 after purchasing an additional 85,882 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its holdings in L3Harris Technologies by 2.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company's stock valued at $334,429,000 after purchasing an additional 31,686 shares during the period. Institutional investors own 84.76% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.