L3Harris Technologies (NYSE:LHX) Trading Down 0.4% – Time to Sell?

L3Harris Technologies, Inc. (NYSE:LHX) shares fell 0.4% during mid-day trading on Friday . The stock traded as low as $245.60 and last traded at $247.18. 284,612 shares were traded during trading, a decline of 69% from the average session volume of 904,809 shares. The stock had previously closed at $248.16.

Wall Street Analyst Weigh In

Several analysts have weighed in on LHX shares. Citigroup boosted their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Susquehanna increased their price objective 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. Wolfe Research raised 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. Deutsche Bank Aktiengesellschaft lowered their price objective on 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, Wells Fargo & Company raised their target price on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $267.50.

L3Harris Technologies Trading Down 0.4 %

The stock has a market capitalization of $46.88 billion, a P/E ratio of 39.05, a price-to-earnings-growth ratio of 2.18 and a beta of 0.72. The business has a 50 day simple moving average of $242.77 and a 200-day simple moving average of $231.81. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the company earned $3.19 earnings per share. L3Harris Technologies’s revenue was up 7.7% compared to the same quarter last year. On average, analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 1.88%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Activity

In other L3Harris Technologies 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 transaction of $707,199.84. Following the sale, the insider now owns 16,316 shares in the company, valued at approximately $3,861,670.88. The trade was a 15.48 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 8,964 shares of company stock valued at $2,179,119 over the last three months. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Morse Asset Management Inc acquired a new position in L3Harris Technologies in the 3rd quarter worth approximately $119,000. IHT Wealth Management LLC boosted its position in shares of L3Harris Technologies by 4.3% in the third quarter. IHT Wealth Management LLC now owns 3,355 shares of the company’s stock worth $800,000 after buying an additional 137 shares during the period. Investment Management Corp of Ontario grew its holdings in shares of L3Harris Technologies by 47.2% during the third quarter. Investment Management Corp of Ontario now owns 6,241 shares of the company’s stock valued at $1,485,000 after buying an additional 2,000 shares in the last quarter. Hilltop Holdings Inc. acquired a new position in L3Harris Technologies during the third quarter valued at $329,000. Finally, Cinctive Capital Management LP purchased a new stake in L3Harris Technologies in the 3rd quarter worth about $1,220,000. 84.76% of the stock is 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.