L3Harris Technologies (NYSE:LHX) Shares Down 0.2% After Insider Selling

L3Harris Technologies, Inc. (NYSE:LHX) shares fell 0.2% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $212.00 and last traded at $212.97. 217,376 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 917,020 shares. The stock had previously closed at $213.42.

Specifically, insider Ross Niebergall sold 1,764 shares of L3Harris Technologies stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $223.62, for a total transaction of $394,465.68. Following the sale, the insider now directly owns 8,576 shares of the company’s stock, valued at approximately $1,917,765.12. The trade was a 17.06 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

LHX has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Citigroup raised their price objective on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their price target for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Finally, Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research note on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $269.13.

L3Harris Technologies Price Performance

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

L3Harris Technologies (NYSE:LHX) last posted its 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 business had revenue of $5.29 billion during 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%. The firm’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.19 EPS. On average, equities research analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LHX. Geode Capital Management LLC boosted its stake in shares of L3Harris Technologies by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 4,734,832 shares of the company’s stock worth $1,122,630,000 after acquiring an additional 59,008 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in L3Harris Technologies by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after purchasing an additional 523,315 shares during the period. Allspring Global Investments Holdings LLC lifted its position in L3Harris Technologies by 1.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock valued at $485,215,000 after purchasing an additional 27,763 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in L3Harris Technologies by 5.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock valued at $366,875,000 after purchasing an additional 85,882 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its position in L3Harris Technologies by 2.2% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock worth $334,429,000 after buying an additional 31,686 shares in the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

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.