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

L3Harris Technologies, Inc. (NYSE:LHX)’s share price was down 0.7% on Tuesday . The company traded as low as $220.00 and last traded at $220.58. Approximately 121,957 shares traded 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 Ratings Changes

A number of analysts have weighed in on the stock. Wolfe Research raised 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 report on Thursday, October 10th. Royal Bank of Canada boosted 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 report on Monday, October 28th. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Wells Fargo & Company reduced their target price on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating for the company in a report on Wednesday, December 11th. Finally, Truist Financial raised their price target on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $269.13.

L3Harris Technologies Stock Performance

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 stock’s 50 day moving average is $243.71 and its 200 day moving average is $234.82. The stock has a market capitalization of $39.95 billion, a price-to-earnings ratio of 33.28, a PEG ratio of 1.91 and a beta of 0.72.

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

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th were issued a $1.16 dividend. The ex-dividend date was Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 2.20%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on 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 directly owns 10,340 shares of the company’s stock, valued at $2,563,596.20. The trade was a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 7,740 shares of company stock worth $1,866,384. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of LHX. Meeder Asset Management Inc. boosted its position in L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after buying an additional 86 shares during the last quarter. Archer Investment Corp boosted its holdings in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares during the last quarter. Kennebec Savings Bank acquired a new stake in L3Harris Technologies during the 3rd quarter valued at approximately $36,000. Family Firm Inc. purchased a new stake in L3Harris Technologies during the 2nd quarter worth approximately $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of L3Harris Technologies in the 2nd quarter valued at approximately $57,000. 84.76% of the stock is owned by institutional investors and hedge funds.

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.