L3Harris Technologies (NYSE:LHX) Trading Down 3.2% - Should You Sell?

Shares of L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) dropped 3.2% during trading on Thursday . The stock traded as low as $253.37 and last traded at $253.37. Approximately 122,880 shares were traded during trading, a decline of 86% from the average daily volume of 902,455 shares. The stock had previously closed at $261.65.

Analyst Upgrades and Downgrades

LHX has been the topic of several research analyst reports. Barclays increased their target price on L3Harris Technologies from $245.00 to $265.00 and gave the stock an "overweight" rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft decreased their price target on L3Harris Technologies from $252.00 to $250.00 and set a "hold" rating on the stock in a report on Thursday, October 3rd. Wolfe Research upgraded 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. Bank of America upgraded L3Harris Technologies from a "neutral" rating to a "buy" rating and raised their price target for the company from $240.00 to $300.00 in a report on Thursday, October 31st. Finally, Wells Fargo & Company raised their price target on L3Harris Technologies from $260.00 to $295.00 and gave the company an "overweight" rating in a report on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, L3Harris Technologies presently has an average rating of "Moderate Buy" and an average price target of $267.50.

L3Harris Technologies Stock Down 4.8 %

The firm has a 50-day moving average of $242.46 and a 200 day moving average of $231.69. 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 capitalization of $47.22 billion, a price-to-earnings ratio of 40.03, a PEG ratio of 2.18 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX - Get Free Report) last released 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. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company had revenue of $5.29 billion during the quarter, compared to analysts' expectations of $5.28 billion. During the same period last year, the firm posted $3.19 earnings per share. The business's revenue was up 7.7% on a year-over-year basis. As a group, sell-side analysts forecast that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be paid a dividend of $1.16 per share. The ex-dividend date is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.86%. L3Harris Technologies's dividend payout ratio (DPR) is currently 73.30%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the firm's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now owns 16,316 shares of the company's stock, valued at approximately $3,861,670.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 8,964 shares of company stock worth $2,179,119. Company insiders own 0.82% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LHX. Wealth Enhancement Advisory Services LLC lifted its holdings in L3Harris Technologies by 17.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company's stock worth $9,845,000 after buying an additional 6,634 shares during the period. Edgestream Partners L.P. boosted its holdings in L3Harris Technologies by 151.6% in the first quarter. Edgestream Partners L.P. now owns 3,859 shares of the company's stock worth $822,000 after purchasing an additional 2,325 shares during the last quarter. Creative Planning boosted its holdings in L3Harris Technologies by 1.2% in the third 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 last quarter. Manning & Napier Advisors LLC purchased a new position in shares of L3Harris Technologies during the 2nd quarter worth $210,886,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of L3Harris Technologies during the 3rd quarter valued at $35,904,000. Institutional investors 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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