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

L3Harris Technologies, Inc. (NYSE:LHX) shares traded down 0.5% during 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. 98,906 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 906,543 shares. The stock had previously closed at $230.68.

A number of other equities analysts have also recently commented on LHX. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research note on Tuesday, November 26th. Truist Financial increased their price target on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Royal Bank of Canada lifted their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Finally, Citigroup increased their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.13.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. The trade was a 18.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LHX. KCM Investment Advisors LLC lifted its position in L3Harris Technologies by 43.8% during the third quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock worth $4,584,000 after purchasing an additional 5,868 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of L3Harris Technologies by 17.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after buying an additional 6,634 shares in the last quarter. Creative Planning raised its position in shares of L3Harris Technologies by 1.2% in the 3rd quarter. Creative Planning now owns 41,588 shares of the company’s stock valued at $9,893,000 after buying an additional 512 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of L3Harris Technologies during the 3rd quarter worth approximately $35,904,000. Finally, GDS Wealth Management boosted its position in shares of L3Harris Technologies by 4.5% during the 3rd quarter. GDS Wealth Management now owns 76,701 shares of the company’s stock worth $18,245,000 after acquiring an additional 3,275 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

The firm has a market capitalization of $42.55 billion, a P/E ratio of 35.44, a PEG ratio of 1.96 and a beta of 0.72. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average is $245.92 and its 200-day moving average is $234.83.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The firm had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter last year, the business posted $3.19 EPS. The company’s revenue was up 7.7% compared to the same quarter last year. As a group, sell-side analysts predict that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th were paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 2.07%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s payout ratio is 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.