L3Harris Technologies, Inc. (NYSE:LHX) Sees Large Increase in Short Interest (2024)

L3Harris Technologies, Inc. (NYSE:LHX - Get Free Report) was the target of a large growth in short interest in 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 daily volume of 871,700 shares, the days-to-cover ratio is presently 1.7 days. Currently, 0.8% of the shares of the stock are short sold.

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L3Harris Technologies Trading Up 0.6 %

NYSE:LHX traded up $1.40 during trading hours on Friday, reaching $224.58. 3,463,346 shares of the company were exchanged, compared to its average volume of 651,210. The firm 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. The stock has a 50 day simple moving average of $219.69 and a 200 day simple moving average of $212.84. L3Harris Technologies has a 52-week low of $160.25 and a 52-week high of $228.13. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.98 and a quick ratio of 0.80.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its earnings results on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.17. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The business had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. During the same period last year, the company posted $2.86 EPS. The business's quarterly revenue was up 16.6% on a year-over-year basis. As a group, analysts predict that L3Harris Technologies will post 12.93 EPS for the current year.

L3Harris Technologies Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date was Tuesday, June 4th. L3Harris Technologies's payout ratio is currently 75.32%.

Insider Activity

In related news, CEO Christopher E. Kubasik sold 25,000 shares of the business's stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $225.11, for a total transaction of $5,627,750.00. Following the sale, the chief executive officer now owns 120,326 shares of the company's stock, valued at $27,086,585.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Christopher E. Kubasik sold 25,000 shares of L3Harris Technologies stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $225.11, for a total transaction of $5,627,750.00. Following the completion of the transaction, the chief executive officer now directly owns 120,326 shares of the company's stock, valued at $27,086,585.86. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Sean J. Stackley sold 3,354 shares of the company's 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 directly owns 17,540 shares in the company, valued at approximately $3,823,720. The disclosure for this sale can be found here. Insiders sold 82,898 shares of company stock worth $18,558,167 in the last 90 days. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of LHX. Bfsg LLC acquired a new stake in L3Harris Technologies in the first quarter valued at approximately $25,000. Transcendent Capital Group LLC acquired a new stake in L3Harris Technologies during the 4th quarter valued at $28,000. KB Financial Partners LLC increased its stake in L3Harris Technologies by 96.5% during the 3rd quarter. KB Financial Partners LLC now owns 167 shares of the company's stock worth $29,000 after buying an additional 82 shares during the period. EntryPoint Capital LLC lifted its holdings in L3Harris Technologies by 70.4% in the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company's stock worth $36,000 after buying an additional 69 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in L3Harris Technologies by 178.7% in the 4th quarter. Blue Trust Inc. now owns 170 shares of the company's stock valued at $36,000 after buying an additional 109 shares during the last quarter. Hedge funds and other institutional investors own 84.76% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on LHX. Barclays upped their price target on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an "overweight" rating in a report on Tuesday, April 30th. Wells Fargo & Company raised their price target on L3Harris Technologies from $238.00 to $245.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 7th. Alembic Global Advisors upgraded L3Harris Technologies from a "neutral" rating to an "overweight" rating and set a $238.00 price objective on the stock in a research report on Monday, April 22nd. JPMorgan Chase & Co. lifted their price objective on L3Harris Technologies from $240.00 to $250.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 1st. Finally, Royal Bank of Canada upped their target price on shares of L3Harris Technologies from $245.00 to $250.00 and gave the company an "outperform" rating in a report on Monday, April 29th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of "Moderate Buy" and a consensus price target of $231.80.

Check Out Our Latest Analysis on L3Harris Technologies

L3Harris Technologies Company Profile

(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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