L3Harris (NYSE:LHX) Short Interest Update

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.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 16th. Shareholders of record on Tuesday, June 2nd will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Monday, June 1st. L3Harris’s payout ratio is currently 33.73%.

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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