By otakuyassine3@gmail.com 
L3Harris Technologies, Inc. (NYSE:LHX – Get Free Report) was the recipient of a large drop in short interest in the month of January. As of January 15th, there was short interest totalling 1,930,000 shares, a drop of 17.5% from the December 31st total of 2,340,000 shares. Based on an average trading volume of 995,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 1.0% of the shares of the company are sold short.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the company. Sanford C. Bernstein upgraded L3Harris Technologies from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $289.00 to $267.00 in a research report on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft lowered their price target on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a research report on Thursday, January 2nd. UBS Group lifted their price target on L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a research report on Friday. Truist Financial lowered their price target on L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Raymond James cut L3Harris Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $265.87.
Read Our Latest Research Report on LHX
L3Harris Technologies Stock Down 0.0 %
Shares of L3Harris Technologies stock traded down $0.07 during midday trading on Friday, hitting $211.99. The company’s stock had a trading volume of 1,266,317 shares, compared to its average volume of 1,081,654. The firm has a market capitalization of $40.21 billion, a P/E ratio of 33.49, a PEG ratio of 1.69 and a beta of 0.75. The stock has a 50-day simple moving average of $220.51 and a 200-day simple moving average of $232.21. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. L3Harris Technologies has a 1-year low of $200.18 and a 1-year high of $265.74.
L3Harris Technologies (NYSE:LHX – Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. As a group, sell-side analysts expect that L3Harris Technologies will post 13.07 earnings per share for the current year.
Insider Activity at L3Harris Technologies
In related news, insider Ross Niebergall sold 1,373 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $210.06, for a total value of $288,412.38. Following the sale, the insider now directly owns 5,049 shares in the company, valued at $1,060,592.94. This trade represents a 21.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 7,889 shares of company stock worth $1,800,572 in the last three months. 0.82% of the stock is owned by company insiders.
Institutional Trading of L3Harris Technologies
Hedge funds and other institutional investors have recently modified their holdings of the company. Roxbury Financial LLC purchased a new stake in shares of L3Harris Technologies during the fourth quarter worth $30,000. Archer Investment Corp raised its holdings in shares of L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in shares of L3Harris Technologies during the fourth quarter worth $33,000. Kennebec Savings Bank bought a new position in L3Harris Technologies during the third quarter valued at about $36,000. Finally, New Millennium Group LLC raised its holdings in L3Harris Technologies by 776.2% during the fourth quarter. New Millennium Group LLC now owns 184 shares of the company’s stock valued at $39,000 after buying an additional 163 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other 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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