Short Interest in L3Harris Technologies, Inc. (NYSE:LHX) Drops By 19.9%

L3Harris Technologies, Inc. (NYSE:LHX) saw a significant decrease in short interest in July. As of July 31st, there was short interest totalling 1,250,000 shares, a decrease of 19.9% from the July 15th total of 1,560,000 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 841,300 shares, the short-interest ratio is presently 1.5 days.

L3Harris Technologies Stock Performance

Shares of LHX traded up $2.01 during mid-day trading on Friday, hitting $228.50. 642,098 shares of the company traded hands, compared to its average volume of 990,237. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The stock has a 50-day moving average price of $227.65 and a two-hundred day moving average price of $218.30. L3Harris Technologies has a 1 year low of $160.25 and a 1 year high of $245.60. The stock has a market cap of $43.34 billion, a price-to-earnings ratio of 37.09, a P/E/G ratio of 1.90 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.30 billion. During the same period in the prior year, the business posted $2.97 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. Equities analysts anticipate that L3Harris Technologies will post 13.04 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be paid a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Friday, September 6th. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Barclays increased their target price on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Susquehanna raised their price objective on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Royal Bank of Canada downgraded shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from $250.00 to $240.00 in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating and raised their price objective for the stock from $245.00 to $257.00 in a report on Friday, July 26th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $244.43.

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $225.11, for a total value of $5,627,750.00. Following the sale, the chief executive officer now owns 120,326 shares of the company’s stock, valued at $27,086,585.86. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 26,190 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the sale, the chief executive officer now owns 120,326 shares of the company’s stock, valued at $27,157,578.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher E. Kubasik sold 25,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $225.11, for a total transaction of $5,627,750.00. Following the transaction, the chief executive officer now owns 120,326 shares in the company, valued at approximately $27,086,585.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 109,312 shares of company stock worth $24,712,822. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new stake in L3Harris Technologies in the 4th quarter worth approximately $26,855,000. Simplicity Solutions LLC raised its position in L3Harris Technologies by 23.1% during the fourth quarter. Simplicity Solutions LLC now owns 2,677 shares of the company’s stock worth $564,000 after acquiring an additional 502 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in L3Harris Technologies by 4.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,519 shares of the company’s stock worth $10,640,000 after acquiring an additional 2,358 shares during the period. Daiwa Securities Group Inc. grew its holdings in shares of L3Harris Technologies by 7.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 21,187 shares of the company’s stock worth $4,463,000 after buying an additional 1,540 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of L3Harris Technologies by 90.8% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 332 shares of the company’s stock worth $70,000 after buying an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 84.76% of the company’s stock.

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.