L3Harris Technologies (NYSE:LHX) Shares Down 1.3% on Analyst Downgrade

L3Harris Technologies, Inc. (NYSE:LHX) shares dropped 1.3% during trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $295.00 to $287.00. Wells Fargo & Company currently has an overweight rating on the stock. L3Harris Technologies traded as low as $224.31 and last traded at $225.89. Approximately 197,400 shares traded hands during trading, a decline of 78% from the average daily volume of 905,794 shares. The stock had previously closed at $228.87.

Several other analysts have also recently commented on the stock. Citigroup raised their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price objective on the stock in a report on Tuesday, November 26th. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft dropped their price objective on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a report on Thursday, October 3rd. Finally, Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.13.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the sale, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. This trade represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Meeder Asset Management Inc. increased its position in L3Harris Technologies by 260.6% during the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after purchasing an additional 86 shares during the last quarter. Archer Investment Corp raised its position in shares of L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after buying an additional 43 shares during the period. Kennebec Savings Bank acquired a new position in L3Harris Technologies in the third quarter valued at $36,000. Family Firm Inc. purchased a new stake in L3Harris Technologies during the second quarter valued at about $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in L3Harris Technologies during the second quarter worth about $57,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Trading Down 2.0 %

The company has a market capitalization of $42.55 billion, a PE ratio of 35.44, a P/E/G ratio of 1.96 and a beta of 0.72. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The business has a fifty day moving average price of $245.92 and a 200 day moving average price of $234.83.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter last year, the firm posted $3.19 earnings per share. L3Harris Technologies’s revenue for the quarter was up 7.7% compared to the same quarter last year. Analysts expect 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. Investors of record on Monday, November 18th were issued a $1.16 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 2.07%. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

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.