L3Harris Technologies (NYSE:LHX) Shares Down 2.5% – Here’s What Happened

L3Harris Technologies, Inc. (NYSE:LHX)’s share price was down 2.5% during trading on Monday . The company traded as low as $251.94 and last traded at $250.60. Approximately 404,029 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,122,691 shares. The stock had previously closed at $256.99.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wells Fargo & Company decreased their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Citigroup upped their target price on L3Harris Technologies from $245.00 to $280.00 and gave the company a “buy” rating in a research report on Monday, June 9th. The Goldman Sachs Group upgraded L3Harris Technologies from a “sell” rating to a “buy” rating and increased their price target for the stock from $198.00 to $263.00 in a report on Friday, April 11th. Jefferies Financial Group reduced their price target on shares of L3Harris Technologies from $260.00 to $250.00 and set a “buy” rating for the company in a report on Monday, March 31st. Finally, Truist Financial cut their price objective on shares of L3Harris Technologies from $264.00 to $260.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and an average target price of $258.75.

L3Harris Technologies Trading Down 3.8%

The firm has a market capitalization of $46.19 billion, a P/E ratio of 31.41, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74. The firm has a fifty day simple moving average of $227.95 and a two-hundred day simple moving average of $218.08. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, April 24th. The company reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The company had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $5.29 billion. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. L3Harris Technologies’s revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the company posted $3.06 EPS. On average, equities research analysts anticipate that L3Harris Technologies, Inc. will post 11.12 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Tuesday, June 3rd will be given a dividend of $1.20 per share. The ex-dividend date is Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.94%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 56.94%.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of the firm’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the sale, the insider now owns 25,325 shares in the company, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.72% of the company’s stock.

Institutional Trading of L3Harris Technologies

A number of hedge funds have recently bought and sold shares of LHX. Meeder Asset Management Inc. grew its holdings in shares of L3Harris Technologies by 234.3% during the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock valued at $25,000 after purchasing an additional 82 shares during the last quarter. Clearstead Trust LLC bought a new position in shares of L3Harris Technologies during the first quarter valued at about $26,000. Millstone Evans Group LLC bought a new position in shares of L3Harris Technologies during the fourth quarter valued at about $26,000. Nova Wealth Management Inc. bought a new stake in shares of L3Harris Technologies in the 1st quarter valued at about $26,000. Finally, Bradley & Co. Private Wealth Management LLC purchased a new stake in L3Harris Technologies during the 4th quarter valued at about $27,000. Institutional investors own 84.76% of the company’s stock.

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.