Stock Traders Buy High Volume of Call Options on L3Harris Technologies (NYSE:LHX)

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) was the target of unusually large options trading on Wednesday. Stock investors acquired 2,413 call options on the stock. This is an increase of approximately 182% compared to the average volume of 857 call options.

L3Harris Technologies Stock Performance

NYSE:LHX traded up $1.26 during midday trading on Wednesday, reaching $246.33. 56,269 shares of the company traded hands, compared to its average volume of 907,167. The firm has a market capitalization of $46.73 billion, a price-to-earnings ratio of 39.78, a price-to-earnings-growth ratio of 2.10 and a beta of 0.73. The company has a fifty day moving average price of $237.74 and a 200 day moving average price of $228.12. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74. L3Harris Technologies has a twelve month low of $176.15 and a twelve month high of $258.89.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results on Thursday, October 24th. The company reported $3.34 EPS 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 13.02% and a net margin of 5.73%. The firm's revenue was up 7.7% compared to the same quarter last year. During the same period last year, the firm earned $3.19 EPS. On average, analysts expect that L3Harris Technologies will post 13.06 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Monday, November 18th. L3Harris Technologies's payout ratio is 75.32%.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the transaction, the insider now owns 16,316 shares in the company, valued at $3,861,670.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.82% of the company's stock.

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in L3Harris Technologies by 12.9% during the first quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company's stock valued at $4,857,141,000 after buying an additional 2,606,267 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of L3Harris Technologies by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,631,207 shares of the company's stock valued at $2,052,411,000 after acquiring an additional 45,845 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of L3Harris Technologies by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company's stock valued at $712,858,000 after purchasing an additional 523,315 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of L3Harris Technologies by 1.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company's stock valued at $485,215,000 after purchasing an additional 27,763 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of L3Harris Technologies by 2.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company's stock valued at $334,429,000 after acquiring an additional 31,686 shares during the period. Institutional investors and hedge funds own 84.76% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their price target 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. Truist Financial upped their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a "buy" rating in a report on Monday. Barclays lifted their price objective on L3Harris Technologies from $245.00 to $265.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 30th. StockNews.com upgraded L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Monday. Finally, Royal Bank of Canada boosted their price target on L3Harris Technologies from $240.00 to $265.00 and gave the stock a "sector perform" rating in a report on Monday. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $261.50.

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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