L3Harris Technologies Inc (NYSE:LHX) Sees Large Decrease in Short Interest

L3Harris Technologies Inc (NYSE:LHX) was the target of a large drop in short interest during 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. Currently, 1.4% of the shares of the company are short sold. Based on an average trading volume of 1,683,169 shares, the days-to-cover ratio is presently 1.6 days. Based on an average 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 company are short sold.

L3Harris Technologies Price Performance

Shares of LHX stock traded up $5.17 during mid-day trading on Friday, hitting $345.07. The company had a trading volume of 1,029,443 shares, compared to its average volume of 1,413,557. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.19 and a quick ratio of 1.02. The stock’s 50 day moving average price is $321.69 and its 200-day moving average price is $296.95. L3Harris Technologies has a 52-week low of $193.09 and a 52-week high of $369.59. The company has a market capitalization of $64.55 billion, a P/E ratio of 40.45, a P/E/G ratio of 2.49 and a beta of 0.64.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. The company 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%. L3Harris Technologies’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.47 EPS. Equities research analysts forecast that L3Harris Technologies will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors 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. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, March 6th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 58.62%.

Analysts Set New Price Targets

A number of brokerages have commented on LHX. Weiss Ratings upgraded L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. Wolfe Research restated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday, January 30th. Morgan Stanley lifted their price target on shares of L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Finally, Wall Street Zen cut shares of L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, February 7th. Fifteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $328.57.

Insider Activity

In related news, insider Samir Mehta sold 4,840 shares of the firm’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $338.85, for a total value of $1,640,034.00. Following the transaction, the insider directly owned 5,916 shares of the company’s stock, valued at approximately $2,004,636.60. This trade represents a 45.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.72% of the stock is currently owned by insiders.

Institutional Trading of L3Harris Technologies

A number of large investors have recently added to or reduced their stakes in LHX. Fideuram Asset Management Ireland dac purchased a new position in shares of L3Harris Technologies in the fourth quarter valued at $25,000. Caitlin John LLC bought a new position in L3Harris Technologies during the third quarter valued at $28,000. American National Bank & Trust grew its stake in shares of L3Harris Technologies by 44.8% in the 4th quarter. American National Bank & Trust now owns 97 shares of the company’s stock worth $28,000 after buying an additional 30 shares in the last quarter. JPL Wealth Management LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter worth about $29,000. Finally, Lloyd Advisory Services LLC. purchased a new stake in shares of L3Harris Technologies during the 4th quarter valued at about $30,000. Institutional investors own 84.76% of the company’s stock.

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.