L3Harris (NYSE:LHX) was the recipient of a significant drop in short interest during the month of May. As of May 15th, there was short interest totalling 3,090,000 shares, a drop of 6.1% from the April 30th total of 3,290,000 shares. Currently, 1.4% of the shares of the company are short sold. Based on an average daily trading volume, of 1,660,000 shares, the days-to-cover ratio is currently 1.9 days.
LHX stock traded down $3.67 during midday trading on Friday, hitting $180.45. 1,084,672 shares of the stock were exchanged, compared to its average volume of 1,330,704. The stock’s 50-day moving average price is $186.73 and its 200-day moving average price is $198.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.21 and a current ratio of 1.41. The stock has a market cap of $39.75 billion, a price-to-earnings ratio of 26.30 and a beta of 0.77. L3Harris has a fifty-two week low of $142.01 and a fifty-two week high of $230.99.
L3Harris (NYSE:LHX) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.19. L3Harris had a return on equity of 13.20% and a net margin of 8.30%. The business had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.60 billion. During the same quarter last year, the business posted $2.32 earnings per share. The business’s revenue for the quarter was up 167.7% on a year-over-year basis. Research analysts anticipate that L3Harris will post 11.31 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Aigen Investment Management LP acquired a new position in shares of L3Harris during the 4th quarter worth approximately $25,000. Virtus ETF Advisers LLC acquired a new stake in L3Harris during the 4th quarter valued at $25,000. Filbrandt Wealth Management LLC purchased a new position in L3Harris during the fourth quarter worth $25,000. NuWave Investment Management LLC acquired a new position in shares of L3Harris in the first quarter worth $30,000. Finally, Prime Capital Investment Advisors LLC raised its holdings in shares of L3Harris by 40.0% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 161 shares of the company’s stock worth $32,000 after acquiring an additional 46 shares during the last quarter. Institutional investors and hedge funds own 84.80% of the company’s stock.
LHX has been the subject of several analyst reports. Robert W. Baird upped their price objective on L3Harris from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Wednesday, February 5th. Raymond James upped their price target on L3Harris from $219.00 to $239.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 5th. Cowen reiterated a “buy” rating and issued a $240.00 price objective on shares of L3Harris in a research report on Tuesday, May 5th. Seaport Global Securities began coverage on shares of L3Harris in a research report on Tuesday. They set a “buy” rating and a $225.00 price objective for the company. Finally, Bank of America initiated coverage on shares of L3Harris in a research note on Thursday, April 16th. They issued a “buy” rating and a $250.00 target price for the company. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $239.80.
L3Harris Company Profile
L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.
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