L3Harris Technologies, Inc. (NYSE:LHX) Sees Significant Growth in Short Interest

by · The Markets Daily

L3Harris Technologies, Inc. (NYSE:LHX – Get Free Report) was the recipient of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,470,000 shares, a growth of 25.6% from the May 31st total of 1,170,000 shares. Based on an average trading volume of 871,700 shares, the short-interest ratio is currently 1.7 days. Currently, 0.8% of the shares of the stock are sold short.

L3Harris Technologies Stock Up 0.6 %

L3Harris Technologies stock traded up $1.40 during mid-day trading on Friday, hitting $224.58. The company had a trading volume of 3,463,346 shares, compared to its average volume of 651,210. The stock has a market cap of $42.60 billion, a price-to-earnings ratio of 36.46, a PEG ratio of 1.88 and a beta of 0.71. L3Harris Technologies has a 1 year low of $160.25 and a 1 year high of $228.13. The company has a quick ratio of 0.80, a current ratio of 0.98 and a debt-to-equity ratio of 0.59. The business has a fifty day moving average of $219.69 and a 200 day moving average of $212.84.

L3Harris Technologies (NYSE:LHX – Get Free Report) last announced its quarterly earnings results on Thursday, April 25th. The company reported $3.06 EPS for the quarter, beating the consensus estimate of $2.89 by $0.17. The company had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The firm’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.86 earnings per share. On average, sell-side analysts expect that L3Harris Technologies will post 12.93 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th were paid a $1.16 dividend. The ex-dividend date was Tuesday, June 4th. This represents a $4.64 annualized dividend and a yield of 2.07%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 26,190 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the transaction, the chief executive officer now owns 120,326 shares of the company’s stock, valued at $27,157,578.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 26,190 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the transaction, the chief executive officer now owns 120,326 shares of the company’s stock, valued at $27,157,578.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sean J. Stackley sold 3,354 shares of L3Harris Technologies stock in a transaction on Friday, June 14th. The shares were sold at an average price of $218.00, for a total value of $731,172.00. Following the completion of the sale, the vice president now owns 17,540 shares in the company, valued at approximately $3,823,720. The disclosure for this sale can be found here. Insiders have sold 82,898 shares of company stock valued at $18,558,167 over the last ninety days. Insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

Several hedge funds have recently added to or reduced their stakes in the stock. Capital World Investors grew its position in shares of L3Harris Technologies by 26.0% during the fourth quarter. Capital World Investors now owns 16,056,272 shares of the company’s stock worth $3,381,784,000 after acquiring an additional 3,308,506 shares during the last quarter. Vanguard Group Inc. grew its position in shares of L3Harris Technologies by 15.4% during the fourth quarter. Vanguard Group Inc. now owns 20,186,512 shares of the company’s stock worth $4,251,683,000 after acquiring an additional 2,692,771 shares during the last quarter. Mizuho Markets Americas LLC grew its position in shares of L3Harris Technologies by 990.3% during the fourth quarter. Mizuho Markets Americas LLC now owns 2,204,675 shares of the company’s stock worth $464,349,000 after acquiring an additional 2,002,475 shares during the last quarter. Norges Bank purchased a new position in shares of L3Harris Technologies during the fourth quarter worth approximately $325,147,000. Finally, Wellington Management Group LLP grew its position in shares of L3Harris Technologies by 34.7% during the fourth quarter. Wellington Management Group LLP now owns 4,416,904 shares of the company’s stock worth $930,288,000 after acquiring an additional 1,138,549 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LHX has been the topic of a number of research analyst reports. Royal Bank of Canada lifted their target price on L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, April 29th. Barclays lifted their target price on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. Wells Fargo & Company lifted their target price on L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. JPMorgan Chase & Co. increased their price target on shares of L3Harris Technologies from $240.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Finally, Alembic Global Advisors raised shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price target on the stock in a research report on Monday, April 22nd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.80.

Check Out Our Latest Stock Analysis on L3Harris Technologies

About L3Harris Technologies

(Get Free Report)

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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