Short Interest in L3Harris Technologies, Inc. (NYSE:LHX) Declines By 9.5%

L3Harris Technologies, Inc. (NYSE:LHX) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,530,000 shares, a drop of 9.5% from the October 15th total of 1,690,000 shares. Approximately 0.8% of the company’s stock are sold short. Based on an average daily trading volume, of 1,290,000 shares, the short-interest ratio is presently 1.2 days.

Insider Transactions at L3Harris Technologies

In related news, President Edward J. Zoiss sold 30,000 shares of the company’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $90.84, for a total transaction of $2,725,200.00. Following the transaction, the president now directly owns 31,923 shares of the company’s stock, valued at $2,899,885.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American International Group Inc. grew its stake in shares of L3Harris Technologies by 0.4% in the 2nd quarter. American International Group Inc. now owns 50,168 shares of the company’s stock valued at $9,821,000 after purchasing an additional 194 shares during the period. Wealthfront Advisers LLC raised its stake in L3Harris Technologies by 10.9% during the first quarter. Wealthfront Advisers LLC now owns 15,050 shares of the company’s stock worth $2,953,000 after acquiring an additional 1,482 shares in the last quarter. Rheos Capital Works Inc. lifted its holdings in shares of L3Harris Technologies by 284.0% during the second quarter. Rheos Capital Works Inc. now owns 38,400 shares of the company’s stock valued at $7,518,000 after acquiring an additional 28,400 shares during the period. New Mexico Educational Retirement Board boosted its stake in shares of L3Harris Technologies by 5.7% in the 2nd quarter. New Mexico Educational Retirement Board now owns 9,280 shares of the company’s stock valued at $1,817,000 after purchasing an additional 500 shares in the last quarter. Finally, Bank of Nova Scotia grew its holdings in shares of L3Harris Technologies by 876.7% in the 2nd quarter. Bank of Nova Scotia now owns 195,659 shares of the company’s stock worth $38,304,000 after purchasing an additional 175,627 shares during the last quarter. 81.33% of the stock is currently owned by institutional investors.

L3Harris Technologies Stock Performance

Shares of NYSE LHX opened at $187.46 on Thursday. L3Harris Technologies has a 12 month low of $160.25 and a 12 month high of $230.73. The company has a market cap of $35.53 billion, a P/E ratio of 24.10, a P/E/G ratio of 4.11 and a beta of 0.67. The business’s 50 day moving average is $175.56 and its two-hundred day moving average is $183.58. The company has a quick ratio of 0.69, a current ratio of 0.88 and a debt-to-equity ratio of 0.60.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 26th. The company reported $3.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.06 by $0.13. L3Harris Technologies had a net margin of 7.96% and a return on equity of 12.66%. The business had revenue of $4.92 billion for the quarter, compared to analyst estimates of $4.95 billion. During the same quarter in the previous year, the firm posted $3.26 earnings per share. L3Harris Technologies’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts expect that L3Harris Technologies will post 12.31 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Thursday, November 16th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 58.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada decreased their target price on shares of L3Harris Technologies from $240.00 to $225.00 and set an “outperform” rating for the company in a research note on Monday, October 30th. Raymond James raised L3Harris Technologies from a “market perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research report on Monday, October 30th. Wells Fargo & Company raised L3Harris Technologies from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $204.00 to $209.00 in a research note on Monday, September 18th. StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Wednesday, November 1st. Finally, The Goldman Sachs Group raised their price objective on shares of L3Harris Technologies from $162.00 to $164.00 in a research report on Friday, August 11th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $222.75.

About L3Harris Technologies

L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions.