Bank of America Has Lowered Expectations for L3Harris Technologies (NYSE:LHX) Stock Price

L3Harris Technologies (NYSE:LHX) had its price target lowered by investment analysts at Bank of America from $300.00 to $265.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 26.86% from the company’s previous close.

Several other analysts also recently issued reports on the stock. UBS Group boosted their target price on shares of L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a research note on Friday, January 31st. StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Citigroup lifted their target price on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research report on Thursday, October 10th. Finally, Susquehanna lowered their price objective on shares of L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating on the stock in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, L3Harris Technologies currently has an average rating of “Moderate Buy” and an average target price of $263.07.

L3Harris Technologies Trading Down 0.9 %

Shares of NYSE LHX opened at $208.89 on Tuesday. The business has a fifty day simple moving average of $219.26 and a 200-day simple moving average of $231.83. The company has a market cap of $39.62 billion, a price-to-earnings ratio of 26.54, a P/E/G ratio of 1.74 and a beta of 0.76. L3Harris Technologies has a 12 month low of $200.18 and a 12 month high of $265.74. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, January 30th. The company reported $3.47 EPS for the quarter, beating analysts’ consensus estimates 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 predict that L3Harris Technologies will post 13.8 EPS for the current year.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $213.65, for a total transaction of $376,878.60. Following the transaction, the insider now owns 6,812 shares in the company, valued at $1,455,383.80. This trade represents a 20.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders sold 4,901 shares of company stock worth $1,059,757. 0.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

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.