L3Harris Technologies (NYSE:LHX) Hits New 52-Week Low – Here’s Why

L3Harris Technologies, Inc. (NYSE:LHX) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $196.42 and last traded at $195.96, with a volume of 484360 shares traded. The stock had previously closed at $197.61.

Wall Street Analyst Weigh In

LHX has been the topic of several research analyst reports. Susquehanna dropped their price objective on shares of L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Citigroup dropped their price objective on shares of L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. JPMorgan Chase & Co. dropped their price objective on shares of L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Barclays dropped their price objective on shares of L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Finally, Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and dropped their price objective for the company from $289.00 to $267.00 in a research report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $262.67.

L3Harris Technologies Stock Up 1.3 %

The stock’s fifty day moving average is $210.74 and its two-hundred day moving average is $229.26. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $37.13 billion, a PE ratio of 25.06, a P/E/G ratio of 2.40 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, January 30th. The company reported $3.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. As a group, analysts predict that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 1,764 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $223.62, for a total value of $394,465.68. Following the sale, the insider now directly owns 8,576 shares in the company, valued at approximately $1,917,765.12. The trade was a 17.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 4,901 shares of company stock valued at $1,059,757. 0.82% of the stock is owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LHX. Raymond James Financial Inc. bought a new stake in shares of L3Harris Technologies during the fourth quarter valued at about $398,507,000. Invesco Ltd. increased its position in shares of L3Harris Technologies by 30.5% during the fourth quarter. Invesco Ltd. now owns 2,235,077 shares of the company’s stock valued at $469,992,000 after buying an additional 522,861 shares during the period. Vanguard Group Inc. increased its position in shares of L3Harris Technologies by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 23,281,023 shares of the company’s stock valued at $4,895,534,000 after buying an additional 401,168 shares during the period. Deutsche Bank AG increased its position in shares of L3Harris Technologies by 64.2% during the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company’s stock valued at $155,691,000 after buying an additional 289,514 shares during the period. Finally, BNP Paribas Financial Markets bought a new stake in shares of L3Harris Technologies during the fourth quarter valued at about $53,011,000. 84.76% of the stock is currently owned by 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.