L3Harris Technologies, Inc. (NYSE:LHX) Short Interest Up 18.4% in September

L3Harris Technologies, Inc. (NYSE:LHX) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,220,000 shares, an increase of 18.4% from the August 31st total of 1,030,000 shares. Based on an average daily volume of 816,100 shares, the short-interest ratio is presently 1.5 days. Currently, 0.7% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Royal Bank of Canada lowered shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $250.00 to $240.00 in a research report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating and upped their target price for the company from $245.00 to $257.00 in a report on Friday, July 26th. Wells Fargo & Company reduced their price target on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Barclays upped their price objective on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $247.08.

Insider Buying and Selling

In other L3Harris Technologies news, SVP Scott T. Mikuen sold 10,527 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $230.00, for a total value of $2,421,210.00. Following the sale, the senior vice president now owns 47,616 shares in the company, valued at approximately $10,951,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the completion of the transaction, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at $11,189,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Scott T. Mikuen sold 10,527 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $230.00, for a total value of $2,421,210.00. Following the transaction, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $10,951,680. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,402 shares of company stock valued at $6,861,855. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds have recently added to or reduced their stakes in the stock. Mattson Financial Services LLC acquired a new position in L3Harris Technologies in the second quarter valued at about $1,237,000. American Trust acquired a new position in shares of L3Harris Technologies in the 2nd quarter valued at approximately $217,000. Sanctuary Advisors LLC bought a new stake in shares of L3Harris Technologies during the 2nd quarter worth approximately $5,770,000. Brown Financial Advisors acquired a new stake in shares of L3Harris Technologies during the 2nd quarter worth approximately $748,000. Finally, New Century Financial Group LLC boosted its position in shares of L3Harris Technologies by 3.9% during the 2nd quarter. New Century Financial Group LLC now owns 2,193 shares of the company’s stock worth $493,000 after acquiring an additional 83 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Stock Performance

Shares of LHX traded up $2.80 during midday trading on Monday, reaching $237.79. 879,532 shares of the stock were exchanged, compared to its average volume of 937,505. The stock’s 50 day simple moving average is $231.09 and its 200 day simple moving average is $222.58. The company has a market cap of $45.10 billion, a P/E ratio of 38.15, a PEG ratio of 2.04 and a beta of 0.73. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $245.60. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. During the same quarter in the previous year, the company earned $2.97 EPS. The business’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts expect that L3Harris Technologies will post 13.06 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend was Friday, September 6th. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

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.