L3Harris Technologies (NYSE:LHX) Shares Down 0.5% Following Analyst Downgrade

Shares of L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) dropped 0.5% during mid-day trading on Wednesday 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 $228.17 and last traded at $229.58. Approximately 98,906 shares changed hands during trading, a decline of 89% from the average daily volume of 906,543 shares. The stock had previously closed at $230.68.

Several other equities research analysts also recently weighed in on the company. StockNews.com raised 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 price target for the company in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a "hold" rating for the company in a research report on Thursday, October 3rd. Bank of America raised shares of L3Harris Technologies from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Finally, Argus raised shares of L3Harris Technologies from a "hold" rating to a "buy" rating and set a $300.00 price target for the company in a report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, L3Harris Technologies currently has an average rating of "Moderate Buy" and an average target price of $269.13.

Insider Buying and Selling

In other L3Harris Technologies 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 owns 10,340 shares of the company's stock, valued at $2,563,596.20. This trade represents a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. raised its position in shares of L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company's stock worth $27,000 after buying an additional 86 shares in the last quarter. Archer Investment Corp raised its holdings in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company's stock worth $31,000 after purchasing an additional 43 shares in the last quarter. Kennebec Savings Bank bought a new stake in L3Harris Technologies during the third quarter worth approximately $36,000. Family Firm Inc. acquired a new stake in L3Harris Technologies in the second quarter worth approximately $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of L3Harris Technologies during the 2nd quarter valued at $57,000. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The company has a market cap of $43.41 billion, a P/E ratio of 36.27, a P/E/G ratio of 1.96 and a beta of 0.72. The stock has a 50 day moving average price of $246.23 and a 200 day moving average price of $234.87.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm had revenue of $5.29 billion for the quarter, compared to analysts' expectations of $5.28 billion. During the same period in the previous year, the business earned $3.19 earnings per share. L3Harris Technologies's revenue for the quarter was up 7.7% compared to the same quarter last year. Research analysts expect that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date was Monday, November 18th. L3Harris Technologies's payout ratio is 73.30%.

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.