L3Harris Technologies (NYSE:LHX) Trading Down 0.3% on Insider Selling

L3Harris Technologies, Inc. (NYSE:LHX)’s stock price was down 0.3% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $217.20 and last traded at $217.77. Approximately 109,337 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 915,678 shares. The stock had previously closed at $218.45.

Specifically, insider Ross Niebergall sold 1,764 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $223.62, for a total transaction of $394,465.68. Following the transaction, the insider now owns 8,576 shares of the company’s stock, valued at approximately $1,917,765.12. This trade represents a 17.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Argus raised 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 note on Tuesday, November 26th. Royal Bank of Canada increased their price target 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. Truist Financial boosted their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Citigroup boosted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Four 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 an average price target of $269.13.

L3Harris Technologies Price Performance

The company has a fifty day simple moving average of $243.07 and a 200 day simple moving average of $234.66. The stock has a market capitalization of $39.94 billion, a price-to-earnings ratio of 33.27, a P/E/G ratio of 1.91 and a beta of 0.72. 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 posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping 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 company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the firm earned $3.19 earnings per share. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. Equities research analysts forecast that L3Harris Technologies, Inc. will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were issued a $1.16 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.20%. L3Harris Technologies’s dividend payout ratio is presently 73.30%.

Institutional Trading of L3Harris Technologies

Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in shares of L3Harris Technologies by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,734,832 shares of the company’s stock worth $1,122,630,000 after purchasing an additional 59,008 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of L3Harris Technologies by 19.7% during 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 acquiring an additional 523,315 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in L3Harris Technologies by 1.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after acquiring an additional 27,763 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position 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 in the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its stake in L3Harris Technologies by 2.2% during the second quarter. Diamond Hill Capital Management Inc. now owns 1,489,129 shares of the company’s stock worth $334,429,000 after purchasing an additional 31,686 shares during the last quarter. 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.