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

L3Harris Technologies, Inc. (NYSE:LHX) shares fell 1.3% 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. 197,400 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 905,794 shares. The stock had previously closed at $228.87.

Other research analysts have also issued reports about the company. Citigroup increased their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Argus raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a research note on Tuesday, November 26th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research note on Thursday, October 3rd. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $269.13.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $247.93, for a total value of $740,814.84. Following the sale, the insider now directly owns 10,340 shares in the company, 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 document filed with the SEC, which is available at the SEC website. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of LHX. Meeder Asset Management Inc. grew its stake in shares of 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 in the last quarter. Archer Investment Corp lifted its position in shares of L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after purchasing an additional 43 shares in the last quarter. Kennebec Savings Bank acquired a new position in L3Harris Technologies during the third quarter worth $36,000. Family Firm Inc. bought a new position in L3Harris Technologies in the second quarter valued at $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in L3Harris Technologies in the 2nd quarter valued at $57,000. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Stock Down 0.5 %

The firm’s 50-day simple moving average is $245.54 and its 200 day simple moving average is $234.75. 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 stock has a market capitalization of $42.33 billion, a P/E ratio of 35.33, a PEG ratio of 1.91 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.07. The business had revenue of $5.29 billion for 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%. L3Harris Technologies’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.19 earnings per share. As a group, research analysts expect that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors 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 annualized dividend and a dividend yield of 2.08%. L3Harris Technologies’s dividend payout ratio is presently 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.