L3Harris Technologies, Inc. (NYSE:LHX) Short Interest Update

L3Harris Technologies, Inc. (NYSE:LHX) saw a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 1,220,000 shares, a growth of 18.4% from the August 31st total of 1,030,000 shares. Based on an average trading volume of 816,100 shares, the days-to-cover ratio is currently 1.5 days. Currently, 0.7% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of research analysts recently commented on LHX shares. Royal Bank of Canada downgraded L3Harris Technologies from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $250.00 to $240.00 in a report on Wednesday, August 14th. Barclays increased their price target on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. 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. Deutsche Bank Aktiengesellschaft downgraded L3Harris Technologies from a “buy” rating to a “hold” rating and increased their price target for the company from $245.00 to $257.00 in a report on Friday, July 26th. Finally, Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $275.00 to $257.00 in a report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $247.08.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded up $2.88 on Monday, reaching $237.87. 871,262 shares of the company were exchanged, compared to its average volume of 937,481. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The company’s 50-day moving average is $231.09 and its two-hundred day moving average is $222.58. The firm has a market cap of $45.12 billion, a price-to-earnings ratio of 38.15, a P/E/G ratio of 2.04 and a beta of 0.73. L3Harris Technologies has a 1-year low of $160.25 and a 1-year high of $245.60.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.30 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.97 EPS. As a group, research analysts expect that L3Harris Technologies will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders 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 dividend yield of 1.95%. The ex-dividend date was Friday, September 6th. L3Harris Technologies’s payout ratio is 75.32%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the sale, the insider now directly owns 16,316 shares in the company, valued at $3,861,670.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Scott T. Mikuen sold 10,527 shares of the company’s stock in a transaction dated 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 completion of the sale, the senior vice president now owns 47,616 shares of the company’s stock, valued at $10,951,680. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the completion of the sale, the insider now directly owns 16,316 shares of the company’s stock, valued at approximately $3,861,670.88. The disclosure for this sale can be found here. Insiders sold 29,402 shares of company stock worth $6,861,855 over the last three months. 0.82% of the stock is owned by insiders.

Institutional Trading of L3Harris Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. 9258 Wealth Management LLC increased its position in L3Harris Technologies by 20.0% in the 4th quarter. 9258 Wealth Management LLC now owns 4,371 shares of the company’s stock valued at $921,000 after acquiring an additional 727 shares during the period. Rollins Financial acquired a new stake in L3Harris Technologies in the 4th quarter valued at approximately $217,000. Gryphon Financial Partners LLC increased its position in L3Harris Technologies by 26.1% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,808 shares of the company’s stock valued at $384,000 after acquiring an additional 374 shares during the period. TD Asset Management Inc increased its position in L3Harris Technologies by 6.2% in the 4th quarter. TD Asset Management Inc now owns 85,173 shares of the company’s stock valued at $17,939,000 after acquiring an additional 4,992 shares during the period. Finally, Stifel Financial Corp increased its position in L3Harris Technologies by 3.9% in the 4th quarter. Stifel Financial Corp now owns 175,895 shares of the company’s stock valued at $37,057,000 after acquiring an additional 6,675 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.