L3Harris Technologies (NYSE:LHX) Trading 0.1% Higher – Here’s What Happened

L3Harris Technologies, Inc. (NYSE:LHX) traded up 0.1% on Tuesday . The stock traded as high as $230.84 and last traded at $229.93. 138,461 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 906,612 shares. The stock had previously closed at $229.76.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research note on Tuesday, November 26th. Truist Financial increased their target price on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their target price for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Finally, StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $269.13.

L3Harris Technologies Stock Down 0.8 %

The business’s 50 day moving average price is $245.92 and its 200-day moving average price is $234.83. 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 company has a market cap of $43.41 billion, a P/E ratio of 36.16, a PEG ratio of 1.96 and a beta of 0.72.

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

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the sale, the insider now owns 10,340 shares of the company’s stock, valued at $2,563,596.20. This trade represents a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of L3Harris Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. grew its holdings 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 grew its holdings 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 acquired a new stake in L3Harris Technologies during the 3rd quarter worth $36,000. Family Firm Inc. acquired a new position in shares of L3Harris Technologies in the 2nd quarter valued at $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of L3Harris Technologies in the 2nd quarter valued at $57,000. Institutional investors and hedge funds 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.