L3Harris Technologies Inc. (LHX) has seen substantial changes in recent times, with several institutions increasing and decreasing their holdings. The company, a favorite among institutional investors began to underperform in comparison to its competitors. The company's perceived weakness in financials led to speculation about a possible downtrend.
L3Harris outperformed its competitors on multiple occasions while still seeing some underperformance on other days. There was also an insider sale totaling US$3.0m, potentially signifying caution. Nevertheless, the company reported robust results for fiscal year 2023 and provided 2024 guidance, outweighing concerns about its weak financials.
Q1 2024 earnings were released with an earnings call transcript. Notably, the company's stock touched an 80-plus relative strength rating benchmark and upgraded IBD rating. To save costs, the company will cut 5% of its workforce, and it has contracted with Millennium Space Systems for SatNews payloads. Towards the end,
L3Harris announced a dividend increase to $1.16, completed the sale of non-core assets worth $200 million, and appointed a new VP and Accounting Chief. However, the company's stock continued to underperform compared to competitors and the company entered into a new financial obligation.
L3harris Technologies LHX News Analytics from Wed, 13 Dec 2023 08:00:00 GMT to Sun, 16 Jun 2024 14:55:40 GMT -
Rating 2
- Innovation 2
- Information 7
- Rumor -2
