Wells Fargo & Company Cuts L3Harris Technologies (NYSE:LHX) Price Target to $269.00

L3Harris Technologies (NYSE:LHX) had its price objective cut by equities researchers at Wells Fargo & Company from $300.00 to $269.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 33.34% from the company’s current price.

Other equities analysts have also issued reports about the company. Bank of America lowered their target price on L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating on the stock in a research report on Tuesday, February 4th. UBS Group upped their target price on shares of L3Harris Technologies from $228.00 to $237.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Sanford C. Bernstein raised L3Harris Technologies from a “market perform” rating to an “outperform” rating and lowered their price objective for the stock from $289.00 to $267.00 in a research note on Wednesday, January 8th. Barclays lowered their target price on shares of L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating for the company in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a research note on Thursday, January 2nd. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, L3Harris Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $261.47.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $201.75 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.90 and a current ratio of 1.08. L3Harris Technologies has a fifty-two week low of $193.09 and a fifty-two week high of $265.74. The company has a 50 day simple moving average of $209.53 and a two-hundred day simple moving average of $228.71. The company has a market capitalization of $37.99 billion, a PE ratio of 25.84, a P/E/G ratio of 2.42 and a beta of 0.76.

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

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 1,373 shares of L3Harris Technologies 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 transaction, the insider now directly owns 5,049 shares of the company’s stock, valued at $1,060,592.94. This trade represents a 21.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 4,901 shares of company stock worth $1,059,757. 0.87% of the stock is currently owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

Large investors have recently made changes to their positions in the business. KCM Investment Advisors LLC increased its position in 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 buying an additional 5,868 shares in the last quarter. Fortem Financial Group LLC bought a new position in shares of L3Harris Technologies during the third quarter valued at $841,000. Czech National Bank boosted its stake in L3Harris Technologies by 6.4% in the 4th quarter. Czech National Bank now owns 41,124 shares of the company’s stock worth $8,648,000 after purchasing an additional 2,480 shares in the last quarter. JPMorgan Chase & Co. increased its stake in L3Harris Technologies by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock valued at $184,245,000 after purchasing an additional 178,407 shares in the last quarter. Finally, Principal Financial Group Inc. raised 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 worth $52,395,000 after buying an additional 4,321 shares during the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

About L3Harris Technologies

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.