L3Harris Technologies, Inc. (NYSE:LHX) Sees Significant Decline in Short Interest

L3Harris Technologies, Inc. (NYSE:LHX) was the recipient of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 1,140,000 shares, a decline of 8.8% from the July 31st total of 1,250,000 shares. Currently, 0.6% of the company’s shares are sold short. Based on an average daily volume of 825,800 shares, the days-to-cover ratio is presently 1.4 days.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on LHX. Susquehanna upped their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research report on Monday, July 29th. Barclays lifted their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Morgan Stanley lowered L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $275.00 to $257.00 in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating and boosted their target price for the stock from $245.00 to $257.00 in a research report on Friday, July 26th. Finally, Wells Fargo & Company decreased their price target on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $247.08.

Insider Activity

In other news, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the sale, the senior vice president now owns 47,616 shares of the company’s stock, valued at $11,189,760. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Sean J. Stackley sold 3,354 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $216.73, for a total value of $726,912.42. Following the transaction, the vice president now owns 14,186 shares of the company’s stock, valued at approximately $3,074,531.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott T. Mikuen sold 15,887 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the transaction, the senior vice president now directly owns 47,616 shares in the company, valued at $11,189,760. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,122 shares of company stock valued at $7,612,739. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds have recently modified their holdings of LHX. Bfsg LLC purchased a new stake in shares of L3Harris Technologies in the first quarter valued at approximately $25,000. Meeder Asset Management Inc. raised 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. Transcendent Capital Group LLC purchased a new position in shares of L3Harris Technologies during the 4th quarter worth $28,000. EntryPoint Capital LLC boosted its position in shares of L3Harris Technologies by 70.4% during the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock valued at $36,000 after acquiring an additional 69 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Stock Up 1.3 %

LHX stock opened at $236.67 on Tuesday. L3Harris Technologies has a 52 week low of $160.25 and a 52 week high of $245.60. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. The firm has a 50-day simple moving average of $229.89 and a 200-day simple moving average of $220.12. The stock has a market capitalization of $44.90 billion, a P/E ratio of 38.42, a P/E/G ratio of 1.96 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping the consensus estimate of $3.18 by $0.06. The company had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.30 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. L3Harris Technologies’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.97 EPS. Equities analysts forecast that L3Harris Technologies will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a dividend of $1.16 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $4.64 annualized dividend and a yield of 1.96%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

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.