L3Harris Technologies (NYSE:LHX) Stock Price Down 2.2% - What's Next?

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) shares fell 2.2% during mid-day trading on Monday . The stock traded as low as $229.17 and last traded at $229.40. 274,826 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 905,436 shares. The stock had previously closed at $234.64.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Bank of America upgraded shares of L3Harris Technologies from a "neutral" rating to a "buy" rating and boosted their target price for the company from $240.00 to $300.00 in a research report on Thursday, October 31st. Wolfe Research raised shares of L3Harris Technologies from a "peer perform" rating to an "outperform" rating and set a $300.00 price target on the stock in a report on Thursday, October 10th. StockNews.com raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of L3Harris Technologies from $252.00 to $250.00 and set a "hold" rating for the company in a research note on Thursday, October 3rd. Finally, Argus upgraded L3Harris Technologies from a "hold" rating to a "buy" rating and set a $300.00 price objective for the company in a report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $269.67.

L3Harris Technologies Stock Down 1.8 %

The stock has a market capitalization of $43.70 billion, a PE ratio of 36.24, a P/E/G ratio of 1.96 and a beta of 0.72. The stock's fifty day simple moving average is $246.69 and its 200-day simple moving average is $234.77. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating analysts' consensus estimates of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The firm's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter last year, the business posted $3.19 EPS. As a group, sell-side analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm 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. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 2.01%. L3Harris Technologies's dividend payout ratio is currently 73.30%.

Insider Transactions at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the firm's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the transaction, the insider now directly owns 10,340 shares of the company's stock, valued at approximately $2,563,596.20. This trade represents a 22.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.82% of the company's stock.

Institutional Investors Weigh In On L3Harris Technologies

Hedge funds have recently added to or reduced their stakes in the company. KCM Investment Advisors LLC boosted its stake in shares of L3Harris Technologies by 43.8% during the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company's stock valued at $4,584,000 after buying an additional 5,868 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of L3Harris Technologies by 17.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company's stock valued at $9,845,000 after acquiring an additional 6,634 shares during the last quarter. Creative Planning increased its holdings in shares of L3Harris Technologies by 1.2% during the 3rd quarter. Creative Planning now owns 41,588 shares of the company's stock worth $9,893,000 after purchasing an additional 512 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter valued at approximately $35,904,000. Finally, AdvisorNet Financial Inc raised its stake in shares of L3Harris Technologies by 700.2% in the second quarter. AdvisorNet Financial Inc now owns 3,353 shares of the company's stock worth $753,000 after acquiring an additional 2,934 shares during the last quarter. Institutional investors and hedge funds 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.

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