L3Harris Technologies (NYSE:LHX) Trading Down 0.5% - Here's Why

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) shares dropped 0.5% during mid-day trading on Monday . The stock traded as low as $245.05 and last traded at $245.65. Approximately 92,090 shares traded hands during trading, a decline of 90% from the average daily volume of 908,619 shares. The stock had previously closed at $247.00.

Analysts Set New Price Targets

Several brokerages recently weighed in on LHX. StockNews.com raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a research report on Monday, October 28th. Susquehanna raised their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a "positive" rating in a research note on Monday, July 29th. Citigroup boosted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. Royal Bank of Canada raised their target price 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. Finally, Wolfe Research upgraded shares of L3Harris Technologies from a "peer perform" rating to an "outperform" rating and set a $300.00 target price on the stock in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $267.50.

L3Harris Technologies Price Performance

The business's fifty day moving average price is $243.16 and its 200-day moving average price is $232.29. The stock has a market capitalization of $46.65 billion, a price-to-earnings ratio of 38.80, a PEG ratio of 2.06 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 released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.27 by $0.07. The firm had revenue of $5.29 billion for 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 company's revenue was up 7.7% compared to the same quarter last year. During the same quarter last year, the firm posted $3.19 EPS. On average, research analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be given a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 1.89%. L3Harris Technologies's dividend payout ratio (DPR) is presently 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 on Tuesday, September 3rd. The shares were sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the transaction, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. The trade was a 15.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders sold 8,964 shares of company stock valued at $2,179,119. Insiders own 0.82% of the company's stock.

Institutional Trading of L3Harris Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. raised its stake in L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company's stock valued at $27,000 after acquiring an additional 86 shares during the last quarter. Archer Investment Corp raised its position in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company's stock valued at $31,000 after purchasing an additional 43 shares during the period. EntryPoint Capital LLC grew its stake in L3Harris Technologies by 70.4% during the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company's stock valued at $36,000 after purchasing an additional 69 shares in the last quarter. Kennebec Savings Bank acquired a new position in L3Harris Technologies in the third quarter worth $36,000. Finally, Versant Capital Management Inc increased its stake in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company's stock valued at $41,000 after purchasing an additional 80 shares during the period. 84.76% of the stock is currently 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.

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