L3Harris Technologies (NYSE:LHX) Trading Down 0% – Here’s What Happened

L3Harris Technologies, Inc. (NYSE:LHX) fell 0% during mid-day trading on Tuesday . The company traded as low as $262.67 and last traded at $264.15. 82,486 shares were traded during trading, a decline of 91% from the average session volume of 903,390 shares. The stock had previously closed at $264.22.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LHX. Citigroup lifted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Barclays lifted their price objective on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research report on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Stock Down 5.2 %

The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $47.07 billion, a P/E ratio of 39.29, a price-to-earnings-growth ratio of 2.18 and a beta of 0.72. The company’s fifty day simple moving average is $242.46 and its 200 day simple moving average is $231.69.

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

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is 73.30%.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the sale, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This trade represents a 18.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders have sold 8,964 shares of company stock valued at $2,179,119. 0.82% of the stock is owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. raised its stake in 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 acquiring an additional 86 shares during the period. Archer Investment Corp raised its stake in L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares during the period. Kennebec Savings Bank bought a new stake in L3Harris Technologies during the 3rd quarter worth approximately $36,000. EntryPoint Capital LLC raised its stake in L3Harris Technologies by 70.4% during the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after acquiring an additional 69 shares during the period. Finally, Versant Capital Management Inc raised its stake in L3Harris Technologies by 77.7% during the 2nd quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after acquiring an additional 80 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Company Profile

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.