L3Harris Technologies (NYSE:LHX) Stock Price Down 0.7% – Time to Sell?

L3Harris Technologies, Inc. (NYSE:LHX)’s stock price dropped 0.7% during mid-day trading on Tuesday . The company traded as low as $220.00 and last traded at $220.58. Approximately 121,957 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 910,084 shares. The stock had previously closed at $222.04.

Analyst Upgrades and Downgrades

LHX has been the subject of several recent research reports. Truist Financial lifted their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Royal Bank of Canada upped their price target on shares of L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research note on Monday, October 28th. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a research note on Thursday, October 10th. Wells Fargo & Company reduced their price target on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating for the company in a research report on Wednesday, December 11th. Finally, StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, L3Harris Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $269.13.

L3Harris Technologies Stock Down 1.7 %

The company has a market cap of $41.40 billion, a P/E ratio of 34.85, a P/E/G ratio of 1.91 and a beta of 0.72. The stock has a 50-day moving average of $244.74 and a two-hundred day moving average of $235.02. 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 quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.07. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.19 earnings per share. On average, research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were issued a dividend of $1.16 per share. The ex-dividend date was Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 2.13%. L3Harris Technologies’s payout ratio is presently 73.30%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the transaction, the insider now owns 10,340 shares in the company, valued at approximately $2,563,596.20. This represents a 22.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Copley Financial Group Inc. bought a new position in shares of L3Harris Technologies in the third quarter worth about $449,000. Franklin Resources Inc. boosted its position in shares of L3Harris Technologies by 0.6% during the 3rd quarter. Franklin Resources Inc. now owns 218,228 shares of the company’s stock valued at $54,171,000 after acquiring an additional 1,221 shares during the last quarter. Peapack Gladstone Financial Corp grew its stake in shares of L3Harris Technologies by 0.5% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 41,577 shares of the company’s stock worth $9,890,000 after buying an additional 194 shares in the last quarter. Synovus Financial Corp increased its stake in L3Harris Technologies by 17.5% during the third quarter. Synovus Financial Corp now owns 6,734 shares of the company’s stock worth $1,602,000 after acquiring an additional 1,003 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of L3Harris Technologies in the 3rd quarter valued at approximately $1,704,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

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.