L3Harris Technologies (NYSE:LHX) Trading Down 1.3% on Analyst Downgrade

L3Harris Technologies, Inc. (NYSE:LHX) shares were down 1.3% during trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $295.00 to $287.00. Wells Fargo & Company currently has an overweight rating on the stock. L3Harris Technologies traded as low as $224.31 and last traded at $225.89. Approximately 197,400 shares traded hands during trading, a decline of 78% from the average daily volume of 905,794 shares. The stock had previously closed at $228.87.

Other analysts also recently issued research reports about the company. Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a research note on Tuesday, November 26th. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a research report on Thursday, October 10th. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Royal Bank of Canada boosted their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Finally, Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their target price for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.13.

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now directly owns 10,340 shares in the company, valued at approximately $2,563,596.20. The trade was a 22.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of LHX. Meeder Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after acquiring an additional 86 shares during the period. Archer Investment Corp lifted its stake in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after purchasing an additional 43 shares during the period. Kennebec Savings Bank acquired a new stake in L3Harris Technologies during the third quarter valued at approximately $36,000. Family Firm Inc. bought a new stake in shares of L3Harris Technologies in the 2nd quarter valued at approximately $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of L3Harris Technologies in the 2nd quarter worth approximately $57,000. 84.76% of the stock is owned by institutional investors.

L3Harris Technologies Price Performance

The company has a 50-day moving average of $245.54 and a 200 day moving average of $234.75. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The firm has a market cap of $42.33 billion, a P/E ratio of 35.33, a P/E/G ratio of 1.91 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the business earned $3.19 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. On average, sell-side analysts anticipate that L3Harris Technologies, Inc. will post 13.09 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a yield of 2.08%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

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.