L3Harris Technologies Inc (NYSE:LHX) Sees Significant Drop in Short Interest

L3Harris Technologies Inc (NYSE:LHX) was the recipient of a large drop in short interest in the month of January. As of January 30th, there was short interest totaling 2,663,413 shares, a drop of 23.8% from the January 15th total of 3,494,763 shares. Based on an average daily trading volume, of 1,683,169 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.4% of the shares of the stock are short sold. Currently, 1.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,683,169 shares, the days-to-cover ratio is presently 1.6 days.

Insider Activity at L3Harris Technologies

In other news, insider Samir Mehta sold 4,840 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total value of $1,640,034.00. Following the completion of the transaction, the insider directly owned 5,916 shares in the company, valued at approximately $2,004,636.60. The trade was a 45.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds have recently modified their holdings of the business. Brighton Jones LLC raised its position in L3Harris Technologies by 233.9% during the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company’s stock worth $901,000 after purchasing an additional 3,001 shares during the last quarter. CWM LLC increased its stake in shares of L3Harris Technologies by 7.7% in the second quarter. CWM LLC now owns 5,846 shares of the company’s stock valued at $1,467,000 after buying an additional 420 shares during the period. Ritholtz Wealth Management raised its position in shares of L3Harris Technologies by 4.4% during the second quarter. Ritholtz Wealth Management now owns 1,554 shares of the company’s stock worth $390,000 after acquiring an additional 65 shares during the last quarter. Nicholson Wealth Management Group LLC lifted its stake in shares of L3Harris Technologies by 0.8% in the second quarter. Nicholson Wealth Management Group LLC now owns 7,251 shares of the company’s stock worth $1,819,000 after acquiring an additional 56 shares during the period. Finally, Huntleigh Advisors Inc. boosted its holdings in L3Harris Technologies by 2.1% in the second quarter. Huntleigh Advisors Inc. now owns 4,417 shares of the company’s stock valued at $1,108,000 after acquiring an additional 92 shares during the last quarter. Institutional investors and hedge funds own 84.76% of the company’s stock.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $345.07 on Tuesday. The stock has a 50-day moving average price of $322.96 and a two-hundred day moving average price of $297.60. L3Harris Technologies has a 12 month low of $193.09 and a 12 month high of $369.59. The company has a market capitalization of $64.45 billion, a PE ratio of 40.45, a P/E/G ratio of 2.49 and a beta of 0.64. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53.

L3Harris Technologies (NYSE:LHX) last released its quarterly 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 company had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.47 earnings per share. Analysts expect that L3Harris Technologies will post 11.12 EPS for the current year.

L3Harris Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a $1.25 dividend. This is an increase from L3Harris Technologies’s previous quarterly dividend of $1.20. The ex-dividend date is Friday, March 6th. This represents a $5.00 annualized dividend and a yield of 1.4%. L3Harris Technologies’s dividend payout ratio is currently 56.27%.

Analyst Upgrades and Downgrades

LHX has been the subject of several research analyst reports. Wall Street Zen downgraded shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Susquehanna restated a “positive” rating on shares of L3Harris Technologies in a research report on Thursday, January 15th. Wolfe Research reaffirmed an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, January 30th. Weiss Ratings raised L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, December 29th. Finally, Royal Bank Of Canada increased their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a report on Friday, January 30th. Fifteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and an average price target of $328.57.

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.