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

L3Harris Technologies, Inc. (NYSE:LHX)’s share price dropped 0% during mid-day trading on Tuesday . The stock traded as low as $262.67 and last traded at $264.15. Approximately 82,486 shares traded hands during trading, a decline of 91% from the average daily volume of 903,390 shares. The stock had previously closed at $264.22.

Wall Street Analyst Weigh In

LHX has been the topic of several recent analyst reports. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research report on Thursday, October 10th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Susquehanna boosted their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Finally, Wells Fargo & Company boosted their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $267.50.

L3Harris Technologies Price Performance

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

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the company posted $3.19 earnings per share. On average, equities research analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

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

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of the company’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 transaction, the insider now owns 13,328 shares in the company, valued at $3,261,095.04. This represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold a total of 8,964 shares of company stock worth $2,179,119 over the last 90 days. 0.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of large investors have recently bought and sold shares of the company. BlueCrest Capital Management Ltd purchased a new stake in L3Harris Technologies in the third quarter valued at approximately $285,000. Verition Fund Management LLC boosted its position in L3Harris Technologies by 3.2% in the third quarter. Verition Fund Management LLC now owns 22,225 shares of the company’s stock valued at $5,287,000 after buying an additional 696 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in L3Harris Technologies by 156.2% in the third quarter. Rockefeller Capital Management L.P. now owns 148,236 shares of the company’s stock valued at $35,259,000 after buying an additional 90,370 shares during the last quarter. Vinva Investment Management Ltd boosted its position in L3Harris Technologies by 25.2% in the third quarter. Vinva Investment Management Ltd now owns 1,553 shares of the company’s stock valued at $365,000 after buying an additional 313 shares during the last quarter. Finally, Financial Counselors Inc. purchased a new stake in L3Harris Technologies in the third quarter valued at approximately $214,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

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.