L3Harris Technologies (NYSE:LHX) Trading Down 1.3% After Analyst Downgrade

L3Harris Technologies, Inc. (NYSE:LHX)’s share price traded down 1.3% during mid-day trading on Thursday 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 $224.31 and last traded at $225.89. 197,400 shares changed hands during trading, a decline of 78% from the average session volume of 905,794 shares. The stock had previously closed at $228.87.

A number of other brokerages have also issued reports on LHX. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a research report on Tuesday, November 26th. Truist Financial increased their target price on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research note on Thursday, October 10th. 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 note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $269.13.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the firm’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 value of $731,103.84. Following the sale, the insider now owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This trade represents a 18.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

Several large investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. boosted its position in shares of L3Harris Technologies by 260.6% during the second 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 period. Archer Investment Corp raised its stake in L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after acquiring an additional 43 shares in the last quarter. Kennebec Savings Bank acquired a new position in L3Harris Technologies during the 3rd quarter worth $36,000. Family Firm Inc. bought a new position in shares of L3Harris Technologies in the second quarter worth $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of L3Harris Technologies during the second quarter valued at $57,000. 84.76% of the stock is owned by institutional investors and hedge funds.

L3Harris Technologies Trading Down 2.0 %

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 business’s 50 day moving average is $245.92 and its two-hundred day moving average is $234.83. 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:LHX) last released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. L3Harris Technologies’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.19 EPS. Analysts expect that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s payout ratio is currently 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.