L3Harris Technologies, Inc. (NYSE:LHX) Short Interest Update

L3Harris Technologies, Inc. (NYSE:LHX) was the target of a large increase in short interest in the month of February. As of February 15th, there was short interest totalling 3,060,000 shares, an increase of 22.9% from the January 31st total of 2,490,000 shares. Based on an average trading volume of 1,190,000 shares, the short-interest ratio is currently 2.6 days. Currently, 1.6% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LHX. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $240.00 price objective on shares of L3Harris Technologies in a report on Friday, January 31st. Truist Financial reduced their target price on L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Deutsche Bank Aktiengesellschaft reduced their target price on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a report on Thursday, January 2nd. Citigroup reduced their target price on L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Finally, UBS Group increased their target price on L3Harris Technologies from $228.00 to $237.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $261.40.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded up $7.26 during mid-day trading on Friday, reaching $221.05. The company had a trading volume of 853,867 shares, compared to its average volume of 921,259. L3Harris Technologies has a one year low of $193.09 and a one year high of $265.74. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. The company’s 50-day moving average price is $208.78 and its 200-day moving average price is $227.73. The firm has a market cap of $41.63 billion, a price-to-earnings ratio of 28.09, a PEG ratio of 2.42 and a beta of 0.74.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. As a group, equities research analysts anticipate that L3Harris Technologies will post 11.12 EPS for the current fiscal year.

L3Harris Technologies Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Monday, March 10th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, March 10th. This represents a $4.80 annualized dividend and a dividend yield of 2.17%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.16. L3Harris Technologies’s dividend payout ratio is currently 60.99%.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $213.65, for a total value of $376,878.60. Following the sale, the insider now owns 6,812 shares in the company, valued at approximately $1,455,383.80. This represents a 20.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 4,901 shares of company stock worth $1,059,757. Company insiders own 0.87% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

Hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. grew its holdings in 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 buying an additional 82 shares in the last quarter. Millstone Evans Group LLC bought a new position in L3Harris Technologies in the 4th quarter valued at $26,000. Bradley & Co. Private Wealth Management LLC bought a new position in shares of L3Harris Technologies in the fourth quarter worth $27,000. Roxbury Financial LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter worth $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its stake in L3Harris Technologies by 336.4% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock valued at $30,000 after buying an additional 111 shares during the period. 84.76% of the stock is currently 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.