L3Harris Technologies Inc (NYSE:LHX) Short Interest Update
by Renee Jackson · The Cerbat GemL3Harris Technologies Inc (NYSE:LHX – Get Free Report) saw a large growth in short interest in March. As of March 31st, there was short interest totaling 3,030,865 shares, a growth of 19.6% from the March 15th total of 2,534,067 shares. Based on an average daily trading volume, of 1,442,063 shares, the days-to-cover ratio is currently 2.1 days. Currently, 1.6% of the shares of the stock are short sold.
L3Harris Technologies Trading Down 1.0%
Shares of L3Harris Technologies stock traded down $3.65 during trading on Friday, hitting $349.76. The stock had a trading volume of 1,267,455 shares, compared to its average volume of 1,207,441. The stock has a 50 day simple moving average of $355.54 and a 200 day simple moving average of $321.58. The company has a market capitalization of $65.33 billion, a PE ratio of 41.00, a P/E/G ratio of 1.79 and a beta of 0.62. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. L3Harris Technologies has a 1 year low of $208.11 and a 1 year high of $379.23.
L3Harris Technologies (NYSE:LHX – Get Free Report) last released its earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.76 by $0.10. The business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm posted $3.47 earnings per share. On average, research analysts expect that L3Harris Technologies will post 11.12 EPS for the current fiscal year.
L3Harris Technologies Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.4%. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Friday, March 6th. L3Harris Technologies’s payout ratio is 58.62%.
Insider Transactions at L3Harris Technologies
In other news, VP Melanie Rakita sold 2,378 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $341.45, for a total value of $811,968.10. Following the transaction, the vice president owned 4,882 shares of the company’s stock, valued at $1,666,958.90. The trade was a 32.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the completion of the transaction, the insider directly owned 7,660 shares in the company, valued at $2,836,651.20. This represents a 41.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 19,025 shares of company stock valued at $6,824,370 in the last quarter. Insiders own 0.68% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in LHX. Fideuram Asset Management Ireland dac acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth approximately $25,000. University of Texas Texas AM Investment Management Co. acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth approximately $25,000. Motiv8 Investments LLC acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth approximately $25,000. Caitlin John LLC acquired a new stake in shares of L3Harris Technologies during the third quarter worth approximately $28,000. Finally, American National Bank & Trust boosted its holdings in shares of L3Harris Technologies by 44.8% during the fourth quarter. American National Bank & Trust now owns 97 shares of the company’s stock worth $28,000 after purchasing an additional 30 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on LHX shares. Truist Financial set a $364.00 price objective on shares of L3Harris Technologies in a research note on Wednesday, January 14th. Wall Street Zen raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Saturday, April 11th. Vertical Research reaffirmed a “buy” rating and issued a $355.00 price objective on shares of L3Harris Technologies in a research note on Tuesday, January 13th. Royal Bank Of Canada lifted their price objective on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a research note on Friday, January 30th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $349.55.
Get Our Latest Stock Report on LHX
About L3Harris Technologies
L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.
The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.