L3Harris Technologies, Inc. (NYSE: LHX) saw a steep drop in its share price before the opening of trade on Friday. This came after the company reported quarterly results that were worse than anticipated. Yesterday, the price of a share of stock began the trading day at $240.28 and climbed up to $252.80. L3Harris Technologies’s most recent deal involved 28,456 shares and an average price of $245.00 per share.
Earnings per share for the company came in at $3.26 for the quarter, which was $0.21 less than the consensus forecast of $3.47 among industry experts. L3Harris Technologies achieved a return on equity of 13.09%, while the net margin for the company was 11.36%. The actual revenue for the quarter came in at $4.25 billion, which is below the consensus expectation of $4.41 billion for the quarter’s revenue. The company reported a profit of $3.21 per share for the quarter, comparable to the results it achieved during the same period the year before. Compared to the previous year’s quarter, the company’s overall revenue went up by 0.4%.
In addition, the company has declared that it will begin disbursing a quarterly dividend this coming Friday, December 2, and has made the announcement public. Shareholders on record will be eligible to receive a dividend payment on November 18 of $1.12 per share. November 17, which is a Thursday, is the date that will mark the beginning of the “ex-dividend” status for this dividend. This translates to a yearly yield of 1.83% and a dividend payment of $4.48 for every shareholder. The current calculated dividend payout ratio (DPR) for L3Harris Technologies is currently calculated to be 46.14 percent as of right now.
Several different equity research analysts have written recent reports on the company. These studies emphasize more recent happenings. The Royal Bank of Canada published its first research report covering L3Harris Technologies on Monday, August 29, marking the beginning of the bank’s coverage of the company. They have assigned an “outperform” rating to the company in anticipation of the stock’s price reaching $285.00, and they believe the company will continue to perform well. The “overweight” rating that Wells Fargo & Company had previously assigned to L3Harris Technologies was changed to “equal weight,” and a price target of $238.00 was established for the company. On Wednesday, September 28, a research article was made available to the public for the first time. In a research report that was made public on Friday, Raymond James downgraded its rating for the shares of L3Harris Technologies from “outperform” to “market perform.” On Monday, October 10, Wolfe Research published the first report it would issue covering L3Harris Technologies. This coverage officially began that day. Their report rated the stock as “peer perform,” which indicates that it is performing similarly to other stocks. The coverage of L3Harris Technologies on StockNews.com began on Wednesday, October 12, and continued until the following Wednesday, October 26. They recommended purchasing shares of the company as a whole. In comparison, five research analysts have given the company a “hold” rating, while six have given the stock a “buy” rating. The current recommendation for the company’s stock is “Moderate Buy,” and the average price target for the stock is $268.55, as shown by data provided by Bloomberg.
On Monday, October 17, L3Harris Technologies Vice President James P. Girard was reported to have sold 12,460 shares, according to additional reports. There was a total transaction volume of 2,741,200 dollars worth of stock, with an average price of $220 per share. Following the completion of the transaction, the vice president will have 12,144 shares in the company, each of which is approximately worth $2,671,680. If you follow this link, you will be taken to a document submitted to the Securities and Exchange Commission (SEC). The document contains an in-depth explanation of the reported transaction to the SEC. According to other sources, Vice President James P. Girard sold 12,460 shares of the company’s stock on Monday, October 17. This information was obtained from reports from other sources. The total amount obtained from the sale of the shares was $2,741,200.00. This equates to an average price of $220.00 per share for each share purchased. As a result of the successful transaction completion, the company’s vice president now owns 12,144 shares of the corporation. These shares have a value of approximately $2,671,680. If you follow this link, you will be taken to a document submitted to the Securities and Exchange Commission (SEC). The document contains an in-depth explanation of the reported transaction to the SEC. On August 15, James P. Girard, Vice President of L-3 Harris Technologies, sold another 7,500 shares. As a result, there were 1,800,000 dollars’ worth of shares bought and sold on the market, with an average selling price of 240.00 per share. The vice president now directly controls 12,143 company shares, which have an approximate value of $2,914,320 as a direct consequence of the transaction. Disclosures that are related to the sale might be found in this section of the website. Insiders of a company have sold 28,478 shares with a value of $6,568,058 over the most recent three months. The company’s top managers, directors, and senior executives own 1% of the company’s total stock.
As a result of recent occurrences, institutional investors and hedge funds have adjusted the proportion of their holdings in the company they have invested in. Checchi Capital Advisers LLC increased the proportion of L3Harris Technologies that it owned by 13.8% over the first three months of 2018. Checchi Capital Advisers LLC now has 1,820 shares of the company’s stock, which are worth a combined total of $450,000 thanks to purchasing an additional 220 shares throughout the relevant period. Through the first three months of 2018, Mirae Asset Global Investments Co., Ltd. was able to increase the proportion of L3Harris Technologies stock owned by 15.9%. After purchasing an additional 3,572 shares throughout the relevant period, Mirae Asset Global Investments Co., Ltd. now has a total of 26,105 shares of the company’s stock, which have a combined value of $6,487,000. This brings the total number of shares the company owns to 26,105. Raymond James Financial Services Advisors Inc. increased the amount of L3Harris Technologies stock owned by 4.4% over the first three months of 2018. Following purchasing 8,398 additional shares during the most recent fiscal quarter, Raymond James Financial Services Advisors Inc. now holds a total of 199,390 shares. Based on the current market price, these shares are worth $49.552,000. Sound Income Strategies LLC’s ownership stake in L3Harris Technologies increased by 333.3 percent during the second quarter compared to the level it was at in the previous quarter. Sound Income Strategies LLC now holds a total of 156 shares worth $38,000 after purchasing an additional 120 shares during the most recent quarter. In addition, the Treasury Department of the State of Tennessee increased its shareholding in L3Harris Technologies by 53.9% during the first three months of the year. The Treasury Department of the State of Tennessee now has a total of 52,503 shares of the company following the purchase of an additional 18,392 shares during the most recent quarter. These shares currently have a total value of $13,046,000 due to the recent market value of the company’s stock. At present, hedge funds and various other types of institutional investors own 83.00% of the company’s common stock.
Read More: L3Harris Technologies (NYSE:LHX) Shares Drop After Weak Earnings
