L3Harris Technologies (NYSE:LHX) Shares Gap Down Following Weak Earnings – MarketBeat

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L3Harris Technologies, Inc. (NYSE:LHX – Get Rating)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $252.80, but opened at $240.28. L3Harris Technologies shares last traded at $245.00, with a volume of 28,456 shares traded.
The company reported $3.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.47 by ($0.21). L3Harris Technologies had a net margin of 11.36% and a return on equity of 13.09%. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.41 billion. During the same quarter last year, the firm earned $3.21 earnings per share. L3Harris Technologies’s revenue was up .4% compared to the same quarter last year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be issued a $1.12 dividend. The ex-dividend date of this dividend is Thursday, November 17th. This represents a $4.48 annualized dividend and a yield of 1.83%. L3Harris Technologies’s dividend payout ratio (DPR) is currently 46.14%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada began coverage on L3Harris Technologies in a research report on Monday, August 29th. They issued an “outperform” rating and a $285.00 price target on the stock. Wells Fargo & Company cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and set a $238.00 price objective for the company. in a research report on Wednesday, September 28th. Raymond James downgraded shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Friday. Wolfe Research assumed coverage on L3Harris Technologies in a research report on Monday, October 10th. They set a “peer perform” rating on the stock. Finally, StockNews.com initiated coverage on L3Harris Technologies in a report on Wednesday, October 12th. They issued a “buy” rating for the company. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $268.55.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, VP James P. Girard sold 12,460 shares of L3Harris Technologies stock in a transaction on Monday, October 17th. The shares were sold at an average price of $220.00, for a total transaction of $2,741,200.00. Following the completion of the sale, the vice president now owns 12,144 shares of the company’s stock, valued at approximately $2,671,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP James P. Girard sold 12,460 shares of the business’s stock in a transaction on Monday, October 17th. The shares were sold at an average price of $220.00, for a total value of $2,741,200.00. Following the completion of the transaction, the vice president now owns 12,144 shares of the company’s stock, valued at approximately $2,671,680. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP James P. Girard sold 7,500 shares of L3Harris Technologies stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $240.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the vice president now directly owns 12,143 shares in the company, valued at approximately $2,914,320. The disclosure for this sale can be found here. Insiders have sold a total of 28,478 shares of company stock worth $6,568,058 over the last 90 days. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Checchi Capital Advisers LLC increased its position in shares of L3Harris Technologies by 13.8% in the first quarter. Checchi Capital Advisers LLC now owns 1,820 shares of the company’s stock worth $452,000 after purchasing an additional 220 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of L3Harris Technologies by 15.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,105 shares of the company’s stock worth $6,487,000 after acquiring an additional 3,572 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of L3Harris Technologies by 4.4% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 199,390 shares of the company’s stock worth $49,552,000 after acquiring an additional 8,398 shares in the last quarter. Sound Income Strategies LLC increased its stake in L3Harris Technologies by 333.3% in the second quarter. Sound Income Strategies LLC now owns 156 shares of the company’s stock valued at $38,000 after acquiring an additional 120 shares during the last quarter. Finally, State of Tennessee Treasury Department increased its stake in L3Harris Technologies by 53.9% in the first quarter. State of Tennessee Treasury Department now owns 52,503 shares of the company’s stock valued at $13,046,000 after acquiring an additional 18,392 shares during the last quarter. 83.00% of the stock is currently owned by institutional investors and hedge funds.

L3Harris Technologies Trading Down 3.4 %

The firm’s 50-day simple moving average is $229.69 and its 200 day simple moving average is $234.71. The firm has a market capitalization of $46.72 billion, a price-to-earnings ratio of 24.53, a P/E/G ratio of 5.56 and a beta of 0.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.27 and a quick ratio of 1.01.

L3Harris Technologies Company Profile

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L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions.

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