L3Harris (NYSE:LHX) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 2,500,000 shares, an increase of 11.6% from the June 30th total of 2,240,000 shares. Based on an average trading volume of 1,640,000 shares, the days-to-cover ratio is presently 1.5 days. Currently, 1.2% of the company’s shares are sold short.

Shares of LHX stock traded down $4.90 during trading hours on Friday, reaching $168.33. 2,305,667 shares of the stock were exchanged, compared to its average volume of 1,235,697. The business’s fifty day moving average is $174.02 and its two-hundred day moving average is $191.96. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.41 and a quick ratio of 1.21. L3Harris has a 12-month low of $142.01 and a 12-month high of $230.99. The firm has a market capitalization of $36.34 billion, a P/E ratio of 24.54 and a beta of 0.74.

L3Harris (NYSE:LHX) last released its earnings results on Friday, July 31st. The company reported $2.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.61 by $0.22. L3Harris had a net margin of 8.30% and a return on equity of 13.20%. The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.48 billion. During the same period in the prior year, the firm earned $2.51 earnings per share. The business’s quarterly revenue was up 138.3% compared to the same quarter last year. As a group, equities research analysts predict that L3Harris will post 11.31 earnings per share for the current fiscal year.

A number of research analysts have commented on LHX shares. Credit Suisse Group decreased their target price on shares of L3Harris from $226.00 to $205.00 and set an “outperform” rating on the stock in a research report on Monday, July 20th. Bank of America began coverage on shares of L3Harris in a research note on Thursday, April 16th. They set a “buy” rating and a $250.00 price target on the stock. Benchmark reiterated a “buy” rating and set a $260.00 price target (down from $280.00) on shares of L3Harris in a research note on Wednesday, May 13th. They noted that the move was a valuation call. Morgan Stanley boosted their price target on shares of L3Harris from $232.00 to $252.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 14th. Finally, Cowen reiterated a “buy” rating and set a $240.00 price target on shares of L3Harris in a research note on Tuesday, May 5th. Three research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $240.32.

In other L3Harris news, Director Thomas A. Corcoran sold 1,500 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $206.17, for a total value of $309,255.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lewis Kramer sold 6,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $195.00, for a total transaction of $1,170,000.00. Following the completion of the transaction, the director now directly owns 13,278 shares in the company, valued at approximately $2,589,210. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank increased its position in L3Harris by 13.2% during the 2nd quarter. Comerica Bank now owns 67,727 shares of the company’s stock worth $11,740,000 after purchasing an additional 7,892 shares in the last quarter. Lincoln National Corp increased its position in L3Harris by 2.9% during the 2nd quarter. Lincoln National Corp now owns 2,464 shares of the company’s stock worth $418,000 after purchasing an additional 70 shares in the last quarter. Sigma Planning Corp increased its position in L3Harris by 82.1% during the 2nd quarter. Sigma Planning Corp now owns 5,195 shares of the company’s stock worth $881,000 after purchasing an additional 2,342 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in L3Harris in the 2nd quarter worth about $546,000. Finally, Moloney Securities Asset Management LLC boosted its stake in L3Harris by 95.1% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 3,433 shares of the company’s stock worth $582,000 after buying an additional 1,673 shares during the last quarter. Hedge funds and other institutional investors own 84.75% of the company’s stock.

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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