Short Interest in L3Harris (NYSE:LHX) Increases By 11.6%
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.
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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