L3Harris Technologies, Inc. (NYSE:LHX) Short Interest Down 23.0% in May

L3Harris Technologies, Inc. (NYSE:LHX) saw a significant decline in short interest in the month of May. As of May 31st, there was short interest totalling 1,170,000 shares, a decline of 23.0% from the May 15th total of 1,520,000 shares. Based on an average daily volume of 981,500 shares, the days-to-cover ratio is currently 1.2 days. Approximately 0.6% of the company’s shares are short sold.

L3Harris Technologies Stock Performance

Shares of L3Harris Technologies stock traded down $1.73 on Friday, hitting $217.47. The stock had a trading volume of 434,586 shares, compared to its average volume of 691,097. The company’s 50 day moving average price is $215.71 and its 200 day moving average price is $210.75. The stock has a market cap of $41.25 billion, a price-to-earnings ratio of 35.30, a P/E/G ratio of 1.84 and a beta of 0.71. The company has a current ratio of 0.98, a quick ratio of 0.80 and a debt-to-equity ratio of 0.59. L3Harris Technologies has a 52-week low of $160.25 and a 52-week high of $226.99.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.17. The company had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.11 billion. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.86 earnings per share. On average, research analysts anticipate that L3Harris Technologies will post 12.89 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 2.13%. The ex-dividend date is Tuesday, June 4th. L3Harris Technologies’s payout ratio is currently 75.32%.

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 25,000 shares of the stock in a transaction on Friday, May 31st. The stock was sold at an average price of $222.45, for a total transaction of $5,561,250.00. Following the completion of the transaction, the chief executive officer now directly owns 120,326 shares in the company, valued at approximately $26,766,518.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $222.45, for a total value of $5,561,250.00. Following the sale, the chief executive officer now owns 120,326 shares of the company’s stock, valued at $26,766,518.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher E. Kubasik sold 26,190 shares of L3Harris Technologies stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total value of $5,911,083.00. Following the completion of the sale, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $27,157,578.20. The disclosure for this sale can be found here. Insiders have sold 119,553 shares of company stock worth $26,304,731 over the last quarter. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Capital World Investors lifted its holdings in shares of L3Harris Technologies by 26.0% during the fourth quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock worth $3,381,784,000 after purchasing an additional 3,308,506 shares during the period. Vanguard Group Inc. lifted its stake in shares of L3Harris Technologies by 15.4% in the 4th quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock worth $4,251,683,000 after acquiring an additional 2,692,771 shares during the period. Mizuho Markets Americas LLC boosted its holdings in shares of L3Harris Technologies by 990.3% in the fourth quarter. Mizuho Markets Americas LLC now owns 2,204,675 shares of the company’s stock valued at $464,349,000 after acquiring an additional 2,002,475 shares in the last quarter. Norges Bank acquired a new position in shares of L3Harris Technologies during the fourth quarter worth about $325,147,000. Finally, Wellington Management Group LLP raised its holdings in L3Harris Technologies by 34.7% during the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after purchasing an additional 1,138,549 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, May 1st. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective on the stock in a research report on Monday, April 22nd. Wells Fargo & Company increased their price objective on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Barclays boosted their target price on L3Harris Technologies from $238.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. Finally, Royal Bank of Canada increased their price target on L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, April 29th. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $231.80.

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.