L3Harris Technologies (NYSE:LHX) Stock Price Down 0.5% After Analyst Downgrade

L3Harris Technologies, Inc. (NYSE:LHX) traded down 0.5% on Wednesday 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 $228.17 and last traded at $229.58. 98,906 shares were traded during trading, a decline of 89% from the average session volume of 906,543 shares. The stock had previously closed at $230.68.

Several other research firms also recently commented on LHX. Truist Financial lifted their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research note on Thursday, October 10th. StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Deutsche Bank Aktiengesellschaft lowered their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada raised their price target 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. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.13.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the company’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 value of $740,814.84. Following the sale, the insider now owns 10,340 shares in the company, valued at $2,563,596.20. This represents a 22.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

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

L3Harris Technologies Trading Down 0.6 %

The firm has a 50 day simple moving average of $246.23 and a 200 day simple moving average of $234.87. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $43.50 billion, a PE ratio of 36.27, a P/E/G ratio of 1.96 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. L3Harris Technologies’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the company earned $3.19 EPS. Equities analysts expect that L3Harris Technologies, Inc. will post 13.09 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Monday, November 18th were issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.02%. The ex-dividend date of this dividend was Monday, November 18th. L3Harris Technologies’s payout ratio is currently 73.30%.

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.