L3Harris Technologies (NYSE:LHX) Shares Down 0.5% on Analyst Downgrade

L3Harris Technologies, Inc. (NYSE:LHX)’s share price dropped 0.5% during mid-day trading on Wednesday 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 $228.17 and last traded at $229.58. Approximately 98,906 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 906,543 shares. The stock had previously closed at $230.68.

Several other analysts have also recently weighed in on LHX. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a report on Thursday, October 10th. Royal Bank of Canada lifted their price objective on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective 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 analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $269.13.

Insider Transactions at L3Harris Technologies

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

Institutional Investors Weigh In On L3Harris Technologies

Several institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in L3Harris Technologies by 1.3% during the third quarter. Geode Capital Management LLC now owns 4,734,832 shares of the company’s stock worth $1,122,630,000 after buying an additional 59,008 shares in the last quarter. Bank of New York Mellon Corp grew its stake in L3Harris Technologies by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after purchasing an additional 523,315 shares during the period. Allspring Global Investments Holdings LLC grew its stake in L3Harris Technologies by 1.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock valued at $485,215,000 after purchasing an additional 27,763 shares during the period. Massachusetts Financial Services Co. MA grew its stake in L3Harris Technologies by 5.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock valued at $366,875,000 after purchasing an additional 85,882 shares during the period. Finally, Diamond Hill Capital Management Inc. grew its stake in L3Harris Technologies by 2.2% in the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock valued at $334,429,000 after purchasing an additional 31,686 shares during the period. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

The stock has a market cap of $43.41 billion, a P/E ratio of 36.16, 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 50 day simple moving average of $246.23 and a 200-day simple moving average of $234.87.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data 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. The firm had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.19 EPS. On average, sell-side analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

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

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.