L3Harris Technologies (NYSE:LHX) Trading Down 1.3% After Analyst Downgrade

Shares of L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) were down 1.3% on Thursday after Wells Fargo & Company lowered their price target on the stock from $295.00 to $287.00. Wells Fargo & Company currently has an overweight rating on the stock. L3Harris Technologies traded as low as $224.31 and last traded at $225.89. Approximately 197,400 shares traded hands during trading, a decline of 78% from the average daily volume of 905,794 shares. The stock had previously closed at $228.87.

Several other brokerages have also issued reports on LHX. Deutsche Bank Aktiengesellschaft lowered their target price on L3Harris Technologies from $252.00 to $250.00 and set a "hold" rating for the company in a research report on Thursday, October 3rd. StockNews.com raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Monday, October 28th. Wolfe Research upgraded L3Harris Technologies from a "peer perform" rating to an "outperform" rating and set a $300.00 target price for the company in a report on Thursday, October 10th. Royal Bank of Canada upped their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a "sector perform" rating in a report on Monday, October 28th. Finally, Truist Financial raised their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the company a "buy" rating in a research note on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $269.13.

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. Copley Financial Group Inc. bought a new stake in shares of L3Harris Technologies during the 3rd quarter valued at $449,000. Franklin Resources Inc. increased its holdings in L3Harris Technologies by 0.6% during the 3rd quarter. Franklin Resources Inc. now owns 218,228 shares of the company's stock worth $54,171,000 after acquiring an additional 1,221 shares during the period. Peapack Gladstone Financial Corp lifted its stake in L3Harris Technologies by 0.5% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 41,577 shares of the company's stock worth $9,890,000 after purchasing an additional 194 shares in the last quarter. Synovus Financial Corp boosted its holdings in L3Harris Technologies by 17.5% in the 3rd quarter. Synovus Financial Corp now owns 6,734 shares of the company's stock valued at $1,602,000 after purchasing an additional 1,003 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of L3Harris Technologies during the 3rd quarter valued at $1,704,000. Institutional investors own 84.76% of the company's stock.

L3Harris Technologies Trading Down 2.0 %

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 stock has a market cap of $42.55 billion, a P/E ratio of 35.44, a PEG ratio of 1.96 and a beta of 0.72. The firm's fifty day moving average price is $245.92 and its two-hundred day moving average price is $234.83.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly 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 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 company's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the company posted $3.19 EPS. As a group, equities research analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Monday, November 18th. L3Harris Technologies's payout ratio is 73.30%.

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.