Wells Fargo & Company Lowers L3Harris Technologies (NYSE:LHX) Price Target to $268.00

L3Harris Technologies (NYSE:LHX) had its price target dropped by stock analysts at Wells Fargo & Company from $269.00 to $268.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 23.94% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. UBS Group raised their price target on L3Harris Technologies from $228.00 to $237.00 and gave the stock a “neutral” rating in a research note on Friday, January 31st. Royal Bank of Canada restated a “sector perform” rating and issued a $240.00 price objective on shares of L3Harris Technologies in a report on Friday, January 31st. Bank of America cut their target price on shares of L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating on the stock in a research note on Tuesday, February 4th. Finally, Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $289.00 to $267.00 in a research note on Wednesday, January 8th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average target price of $261.40.

L3Harris Technologies Trading Up 1.1 %

LHX traded up $2.44 on Friday, hitting $216.23. 117,747 shares of the company were exchanged, compared to its average volume of 918,309. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. The firm has a fifty day simple moving average of $208.78 and a two-hundred day simple moving average of $227.73. The stock has a market capitalization of $40.72 billion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74. L3Harris Technologies has a 12 month low of $193.09 and a 12 month high of $265.74.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a net margin of 7.04% and a return on equity of 13.11%. Sell-side analysts expect that L3Harris Technologies will post 11.12 earnings per share for the current year.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 1,373 shares of the firm’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $210.06, for a total transaction of $288,412.38. Following the completion of the sale, the insider now directly owns 5,049 shares in the company, valued at approximately $1,060,592.94. This trade represents a 21.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 4,901 shares of company stock valued at $1,059,757. 0.87% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LHX. KCM Investment Advisors LLC boosted its holdings in shares of L3Harris Technologies by 43.8% during the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock valued at $4,584,000 after acquiring an additional 5,868 shares during the last quarter. Fortem Financial Group LLC bought a new position in shares of L3Harris Technologies during the 3rd quarter valued at $841,000. Czech National Bank grew its holdings in shares of L3Harris Technologies by 6.4% in the fourth quarter. Czech National Bank now owns 41,124 shares of the company’s stock worth $8,648,000 after acquiring an additional 2,480 shares during the period. JPMorgan Chase & Co. increased its position in L3Harris Technologies by 29.9% during the third quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock valued at $184,245,000 after acquiring an additional 178,407 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in L3Harris Technologies by 2.0% in the third quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock valued at $52,395,000 after acquiring an additional 4,321 shares during the period. Institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Company Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.