L3Harris Technologies (NYSE:LHX) Stock Price Down 2.5% - Should You Sell?

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report)'s share price was down 2.5% on Monday . The company traded as low as $251.94 and last traded at $250.60. Approximately 404,029 shares traded hands during trading, a decline of 64% from the average daily volume of 1,122,691 shares. The stock had previously closed at $256.99.

Analysts Set New Price Targets

LHX has been the topic of a number of analyst reports. Wells Fargo & Company lowered their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Jefferies Financial Group dropped their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Truist Financial dropped their price target on shares of L3Harris Technologies from $264.00 to $260.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Citigroup increased their target price on shares of L3Harris Technologies from $245.00 to $280.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and lifted their price target for the company from $198.00 to $263.00 in a report on Friday, April 11th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $258.75.

L3Harris Technologies Price Performance

The stock's 50 day moving average price is $228.89 and its two-hundred day moving average price is $218.09. The firm has a market capitalization of $46.89 billion, a price-to-earnings ratio of 31.87, a PEG ratio of 2.42 and a beta of 0.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. The business had revenue of $5.13 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the company earned $3.06 EPS. The firm's quarterly revenue was down 1.5% on a year-over-year basis. On average, equities research analysts anticipate that L3Harris Technologies, Inc. will post 11.12 EPS for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $4.80 dividend on an annualized basis and a yield of 1.91%. L3Harris Technologies's payout ratio is 56.94%.

Insider Transactions at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider now owns 25,325 shares of the company's stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.72% of the company's stock.

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its holdings in L3Harris Technologies by 1,015.9% during the 4th quarter. Van ECK Associates Corp now owns 13,224 shares of the company's stock worth $2,781,000 after purchasing an additional 12,039 shares in the last quarter. D. E. Shaw & Co. Inc. grew its holdings in L3Harris Technologies by 21.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company's stock valued at $1,488,000 after purchasing an additional 1,236 shares during the period. Principal Securities Inc. lifted its position in shares of L3Harris Technologies by 6.7% in the fourth quarter. Principal Securities Inc. now owns 882 shares of the company's stock valued at $185,000 after acquiring an additional 55 shares in the last quarter. LaFleur & Godfrey LLC lifted its position in shares of L3Harris Technologies by 58.3% in the fourth quarter. LaFleur & Godfrey LLC now owns 26,799 shares of the company's stock worth $5,635,000 after buying an additional 9,873 shares in the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of L3Harris Technologies in the 4th quarter valued at approximately $25,071,000. 84.76% of the stock is owned by institutional investors and hedge funds.

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.