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

L3Harris Technologies, Inc. (NYSE:LHXGet Free Report) shares dropped 0.2% during mid-day trading on Thursday after an insider sold shares in the company. 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 the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $223.62, for a total value of $394,465.68. Following the completion of the transaction, the insider now directly owns 8,576 shares of the company’s stock, valued at $1,917,765.12. This represents a 17.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

Several research firms have weighed in on LHX. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Citigroup raised their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price on the stock in a research note on Thursday, October 10th. StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company dropped their price objective on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus target price of $269.13.

View Our Latest Report on LHX

L3Harris Technologies Stock Up 1.4 %

The company has a market cap of $40.50 billion, a PE ratio of 33.74, a P/E/G ratio of 1.91 and a beta of 0.72. The stock has a 50-day moving average of $242.42 and a 200-day moving average of $234.57. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHXGet Free Report) last announced 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 company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $3.19 earnings per share. Sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 2.17%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 73.30%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of LHX. Meeder Asset Management Inc. grew its position in shares of L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after buying an additional 86 shares during the last quarter. Archer Investment Corp lifted its stake in 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 acquiring an additional 43 shares during the period. Kennebec Savings Bank bought a new stake in L3Harris Technologies in the third quarter valued at $36,000. Family Firm Inc. purchased a new position in L3Harris Technologies during the 2nd quarter valued at $45,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in L3Harris Technologies in the 2nd quarter worth $57,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Company Profile

(Get Free Report)

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.

Further Reading

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