JPMorgan Chase & Co. Issues Pessimistic Forecast for L3Harris Technologies (NYSE:LHX) Stock Price

L3Harris Technologies (NYSE:LHX) had its price objective trimmed by JPMorgan Chase & Co. from $270.00 to $265.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also recently commented on the stock. Royal Bank of Canada raised their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Truist Financial reduced their price objective on shares of L3Harris Technologies from $300.00 to $283.00 and set a “buy” rating for the company in a research report on Tuesday. Citigroup boosted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Finally, Barclays dropped their price objective on L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $266.19.

L3Harris Technologies Stock Performance

Shares of LHX stock opened at $218.26 on Thursday. The stock’s 50-day moving average price is $228.85 and its 200 day moving average price is $233.10. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $41.40 billion, a PE ratio of 34.48, a price-to-earnings-growth ratio of 1.68 and a beta of 0.75. L3Harris Technologies has a 52-week low of $200.18 and a 52-week high of $265.74.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the previous year, the company posted $3.19 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, equities research analysts forecast that L3Harris Technologies will post 13.07 EPS for the current year.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 1,373 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $210.06, for a total value of $288,412.38. Following the sale, the insider now owns 5,049 shares of the company’s stock, valued at $1,060,592.94. This represents a 21.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 7,889 shares of company stock valued at $1,800,572. Insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in L3Harris Technologies by 1.3% during the third quarter. Geode Capital Management LLC now owns 4,734,832 shares of the company’s stock worth $1,122,630,000 after buying an additional 59,008 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in L3Harris Technologies by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after purchasing an additional 27,763 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in L3Harris Technologies by 5.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,542,333 shares of the company’s stock valued at $366,875,000 after purchasing an additional 85,882 shares during the last quarter. Raymond James & Associates raised its stake in L3Harris Technologies by 3.0% in the 3rd quarter. Raymond James & Associates now owns 984,888 shares of the company’s stock valued at $234,275,000 after purchasing an additional 28,882 shares during the last quarter. Finally, Mizuho Markets Americas LLC lifted its holdings in L3Harris Technologies by 25.3% in the 3rd quarter. Mizuho Markets Americas LLC now owns 822,736 shares of the company’s stock valued at $195,704,000 after purchasing an additional 166,262 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.