L3Harris Technologies (NYSE:LHX) Stock Price Down 1.6% – Should You Sell?

L3Harris Technologies, Inc. (NYSE:LHX)’s stock price was down 1.6% during trading on Monday . The stock traded as low as $241.66 and last traded at $242.22. Approximately 76,534 shares traded hands during trading, a decline of 92% from the average daily volume of 902,881 shares. The stock had previously closed at $246.25.

Analysts Set New Price Targets

A number of research firms recently weighed in on LHX. Royal Bank of Canada lifted their target price on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Citigroup increased their price target on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company raised their target price on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research note on Monday, October 28th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Finally, Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price objective for the company in a research report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $269.67.

L3Harris Technologies Stock Down 1.5 %

The firm has a market capitalization of $45.99 billion, a price-to-earnings ratio of 38.27, a P/E/G ratio of 2.05 and a beta of 0.72. The business’s 50-day moving average is $246.22 and its two-hundred day moving average is $234.23. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the firm posted $3.19 earnings per share. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities analysts anticipate that L3Harris Technologies, Inc. will post 13.1 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Monday, November 18th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the company’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 transaction of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This represents a 18.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders sold 8,964 shares of company stock worth $2,179,119. 0.82% of the stock is owned by company insiders.

Institutional Trading of L3Harris Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Manning & Napier Advisors LLC acquired a new position in shares of L3Harris Technologies during the 2nd quarter worth approximately $210,886,000. Envestnet Asset Management Inc. increased its position in shares of L3Harris Technologies by 236.8% in the second quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock worth $222,186,000 after purchasing an additional 695,582 shares during the period. Bank of New York Mellon Corp grew its stake in L3Harris Technologies by 19.7% during the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after buying an additional 523,315 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of L3Harris Technologies by 65.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock worth $97,532,000 after acquiring an additional 171,420 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of L3Harris Technologies by 23,627.0% during the 3rd quarter. International Assets Investment Management LLC now owns 170,597 shares of the company’s stock worth $40,580,000 after buying an additional 169,878 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

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.