Short Interest in L3Harris Technologies Inc (NYSE:LHX) Grows By 29.9%

L3Harris Technologies Inc (NYSE:LHX - Get Free Report) was the target of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 4,990,000 shares, a growth of 29.9% from the May 15th total of 3,840,000 shares. Currently, 2.7% of the company's shares are sold short. Based on an average daily volume of 1,530,000 shares, the short-interest ratio is currently 3.3 days.

L3Harris Technologies Stock Up 1.2%

Shares of NYSE LHX traded up $3.05 during mid-day trading on Tuesday, hitting $250.82. The company had a trading volume of 1,368,936 shares, compared to its average volume of 1,131,476. The company has a current ratio of 1.02, a quick ratio of 0.85 and a debt-to-equity ratio of 0.57. The firm has a 50-day simple moving average of $228.89 and a two-hundred day simple moving average of $218.09. The company has a market capitalization of $46.89 billion, a PE ratio of 29.75, a price-to-earnings-growth ratio of 1.98 and a beta of 0.74. L3Harris Technologies has a one year low of $193.09 and a one year high of $265.74.

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 the consensus estimate of $2.32 by $0.09. The firm had revenue of $5.13 billion during the quarter, compared to analysts' expectations of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The business's quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.06 earnings per share. On average, equities analysts expect that L3Harris Technologies will post 11.12 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Tuesday, June 3rd will be issued a dividend of $1.20 per share. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction that occurred 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 transaction, the insider now owns 25,325 shares of the company's stock, valued at $6,204,625. This trade represents a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher E. Kubasik sold 33,061 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the sale, the chief executive officer now directly owns 145,572 shares of the company's stock, valued at $36,171,730.56. The trade was a 18.51% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

Institutional Trading of L3Harris Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its holdings in shares of L3Harris Technologies by 234.3% in the 4th 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 period. Clearstead Trust LLC acquired a new position in L3Harris Technologies during the first quarter worth approximately $26,000. Millstone Evans Group LLC bought a new stake in L3Harris Technologies in the fourth quarter valued at approximately $26,000. Nova Wealth Management Inc. acquired a new stake in shares of L3Harris Technologies in the first quarter valued at approximately $26,000. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of L3Harris Technologies in the fourth quarter valued at approximately $27,000. 84.76% of the stock is owned by institutional investors.

About L3Harris Technologies

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.

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