L3Harris Technologies (NYSE:LHX) Shares Down 2.4% - Time to Sell?

L3Harris Technologies Inc (NYSE:LHX - Get Free Report)'s share price fell 2.4% during mid-day trading on Tuesday . The company traded as low as $243.84 and last traded at $245.17. 292,720 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 1,136,971 shares. The stock had previously closed at $251.11.

Analysts Set New Price Targets

LHX has been the subject of several recent research reports. Wells Fargo & Company reduced their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their price objective for the company from $198.00 to $263.00 in a research note on Friday, April 11th. Jefferies Financial Group dropped their target price on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. UBS Group raised their price target on L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a report on Monday, April 28th. Finally, Citigroup boosted their price objective on L3Harris Technologies from $245.00 to $280.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $258.75.

L3Harris Technologies Trading Up 0.6%

The firm's 50-day simple moving average is $233.22 and its 200-day simple moving average is $218.86. The firm has a market capitalization of $46.40 billion, a P/E ratio of 29.44, a price-to-earnings-growth ratio of 1.97 and a beta of 0.74. The company has a quick ratio of 0.85, a current ratio of 1.02 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported $2.41 EPS for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.55% and a return on equity of 12.38%. The business had revenue of $5.13 billion for the quarter, compared to analysts' expectations of $5.29 billion. During the same period last year, the business earned $3.06 earnings per share. The business's quarterly revenue was down 1.5% on a year-over-year basis. Analysts anticipate that L3Harris Technologies Inc will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Tuesday, June 3rd. L3Harris Technologies's payout ratio is 56.94%.

Insider Activity

In other news, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the sale, the insider now owns 25,325 shares in the company, valued at approximately $6,204,625. The trade was a 7.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Christopher E. Kubasik sold 33,061 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the transaction, the chief executive officer now owns 145,572 shares of the company's stock, valued at approximately $36,171,730.56. The trade was a 18.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On L3Harris Technologies

Hedge funds have recently bought and sold shares of the business. Meeder Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 234.3% during the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after purchasing an additional 82 shares during the last quarter. Clearstead Trust LLC purchased a new position in L3Harris Technologies during the first quarter valued at $26,000. Millstone Evans Group LLC purchased a new position in L3Harris Technologies during the fourth quarter valued at $26,000. Nova Wealth Management Inc. bought a new stake in L3Harris Technologies in the first quarter worth $26,000. Finally, Bradley & Co. Private Wealth Management LLC bought a new position in shares of L3Harris Technologies during the fourth quarter valued at $27,000. 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.