Barclays Has Lowered Expectations for L3Harris Technologies (NYSE:LHX) Stock Price

L3Harris Technologies (NYSE:LHX) had its target price dropped by analysts at Barclays from $290.00 to $255.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 23.88% from the company’s current price.

Several other brokerages have also commented on LHX. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Royal Bank of Canada raised their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Citigroup boosted their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Bank of America upgraded shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Finally, Wells Fargo & Company dropped their price objective on shares of L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a report on Wednesday, December 11th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $267.07.

L3Harris Technologies Trading Down 1.9 %

NYSE:LHX traded down $3.91 on Monday, reaching $205.84. 669,925 shares of the stock traded hands, compared to its average volume of 825,869. The firm has a market capitalization of $39.04 billion, a price-to-earnings ratio of 32.52, a price-to-earnings-growth ratio of 1.86 and a beta of 0.75. L3Harris Technologies has a 1-year low of $200.18 and a 1-year high of $265.74. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The company’s 50 day moving average is $235.18 and its 200-day moving average is $234.03.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. L3Harris Technologies’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the firm earned $3.19 earnings per share. Equities research analysts anticipate that L3Harris Technologies will post 13.09 EPS for the current fiscal year.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 1,373 shares of the company’s stock in a transaction on Monday, December 30th. The stock was 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 owns 5,049 shares in the company, valued at approximately $1,060,592.94. This represents a 21.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 7,889 shares of company stock valued at $1,800,572 over the last ninety days. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several large investors have recently bought and sold shares of the stock. TD Asset Management Inc boosted its holdings in L3Harris Technologies by 1.8% during the second quarter. TD Asset Management Inc now owns 88,357 shares of the company’s stock worth $19,843,000 after purchasing an additional 1,527 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of L3Harris Technologies by 15.4% in the 2nd quarter. Victory Capital Management Inc. now owns 125,298 shares of the company’s stock worth $28,139,000 after buying an additional 16,736 shares during the last quarter. Private Advisor Group LLC grew its holdings in shares of L3Harris Technologies by 6.8% in the second quarter. Private Advisor Group LLC now owns 12,947 shares of the company’s stock valued at $2,908,000 after acquiring an additional 828 shares in the last quarter. Savant Capital LLC increased its position in shares of L3Harris Technologies by 27.5% during the second quarter. Savant Capital LLC now owns 5,200 shares of the company’s stock valued at $1,168,000 after acquiring an additional 1,120 shares during the last quarter. Finally, Lake Street Advisors Group LLC lifted its holdings in L3Harris Technologies by 5.4% during the second quarter. Lake Street Advisors Group LLC now owns 1,161 shares of the company’s stock worth $261,000 after acquiring an additional 59 shares during the period. 84.76% of the stock is currently owned by institutional investors.

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.