L3Harris Technologies, Inc. (NYSE:LHX) Sees Significant Drop in Short Interest

L3Harris Technologies, Inc. (NYSE:LHX) was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 1,250,000 shares, a drop of 19.9% from the July 15th total of 1,560,000 shares. Based on an average daily trading volume, of 841,300 shares, the short-interest ratio is presently 1.5 days. Currently, 0.7% of the company’s shares are sold short.

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 26,190 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the completion of the sale, the chief executive officer now owns 120,326 shares in the company, valued at $27,157,578.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Christopher E. Kubasik sold 26,190 shares of L3Harris Technologies stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the completion of the sale, the chief executive officer now owns 120,326 shares in the company, valued at approximately $27,157,578.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the completion of the transaction, the senior vice president now owns 47,616 shares in the company, valued at $11,189,760. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 109,312 shares of company stock worth $24,712,822. Insiders own 0.82% of the company’s stock.

Institutional Trading of L3Harris Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Core Alternative Capital lifted its position in shares of L3Harris Technologies by 6.3% in the second quarter. Core Alternative Capital now owns 17,778 shares of the company’s stock valued at $3,993,000 after buying an additional 1,050 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in L3Harris Technologies by 5.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 44,323 shares of the company’s stock valued at $9,955,000 after acquiring an additional 2,406 shares during the period. Nemes Rush Group LLC lifted its holdings in L3Harris Technologies by 7.0% during the 2nd quarter. Nemes Rush Group LLC now owns 31,015 shares of the company’s stock valued at $6,965,000 after purchasing an additional 2,036 shares during the last quarter. Magnolia Capital Advisors LLC bought a new position in L3Harris Technologies during the second quarter worth $720,000. Finally, Ascent Group LLC increased its holdings in shares of L3Harris Technologies by 14.9% in the second quarter. Ascent Group LLC now owns 11,199 shares of the company’s stock valued at $2,515,000 after purchasing an additional 1,449 shares during the last quarter. 84.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on LHX. Wells Fargo & Company dropped their price objective on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Barclays increased their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Royal Bank of Canada downgraded shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $250.00 to $240.00 in a research note on Wednesday. Susquehanna boosted their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft downgraded L3Harris Technologies from a “buy” rating to a “hold” rating and raised their price objective for the stock from $245.00 to $257.00 in a research note on Friday, July 26th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $244.43.

L3Harris Technologies Stock Up 0.9 %

NYSE:LHX traded up $2.01 during trading hours on Friday, reaching $228.50. 642,098 shares of the stock were exchanged, compared to its average volume of 990,237. 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 $160.25 and a twelve month high of $245.60. The stock has a market cap of $43.34 billion, a PE ratio of 37.09, a PEG ratio of 1.90 and a beta of 0.72. The firm has a 50 day moving average of $227.65 and a 200 day moving average of $218.30.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping the consensus estimate of $3.18 by $0.06. The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.97 EPS. On average, equities analysts expect that L3Harris Technologies will post 13.04 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, September 6th. L3Harris Technologies’s payout ratio is presently 75.32%.

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.