L3Harris Technologies (NYSE:LHX) Stock Price Down 0.2% Following Insider Selling

L3Harris Technologies, Inc. (NYSE:LHX) shares were down 0.2% on Thursday following insider selling activity. The stock traded as low as $212.00 and last traded at $212.97. Approximately 217,376 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 917,020 shares. The stock had previously closed at $213.42.

Specifically, insider Ross Niebergall sold 1,764 shares of L3Harris Technologies stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $223.62, for a total transaction of $394,465.68. Following the transaction, the insider now directly owns 8,576 shares of the company’s stock, valued at $1,917,765.12. The trade was a 17.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several analysts recently commented on LHX shares. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a research note on Thursday, October 10th. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Wells Fargo & Company cut their target price on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 11th. Finally, Royal Bank of Canada increased their price target on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and an average price target of $269.13.

L3Harris Technologies Stock Performance

The firm’s fifty day moving average is $243.07 and its 200 day moving average is $234.66. The firm 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. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87.

L3Harris Technologies (NYSE:LHX) last issued 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 analyst estimates of $5.28 billion. During the same quarter last year, the business posted $3.19 EPS. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

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

Institutional Investors Weigh In On L3Harris Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Independent Solutions Wealth Management LLC acquired a new position in shares of L3Harris Technologies during the 3rd quarter worth $250,000. Principal Financial Group Inc. boosted its holdings in L3Harris Technologies by 2.0% in the third quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock worth $52,395,000 after purchasing an additional 4,321 shares in the last quarter. Copley Financial Group Inc. acquired a new position in L3Harris Technologies during the third quarter worth $449,000. Franklin Resources Inc. raised its holdings in L3Harris Technologies by 0.6% during the third quarter. Franklin Resources Inc. now owns 218,228 shares of the company’s stock valued at $54,171,000 after buying an additional 1,221 shares in the last quarter. Finally, Peapack Gladstone Financial Corp lifted its position in shares of L3Harris Technologies by 0.5% in the third 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 during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

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.