L3Harris Technologies (NYSE:LHX) Price Target Cut to $260.00

L3Harris Technologies (NYSE:LHX) had its price objective trimmed by Wells Fargo & Company from $262.00 to $260.00 in a research note released on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

LHX has been the subject of a number of other research reports. JPMorgan Chase & Co. lifted their target price on L3Harris Technologies from $240.00 to $250.00 and gave the stock an overweight rating in a report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft downgraded shares of L3Harris Technologies from a buy rating to a hold rating and increased their target price for the company from $245.00 to $257.00 in a research note on Friday, July 26th. Royal Bank of Canada reaffirmed an outperform rating and set a $250.00 price target on shares of L3Harris Technologies in a research note on Monday, July 29th. Alembic Global Advisors raised shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price objective on the stock in a research report on Monday, April 22nd. Finally, Barclays upped their target price on L3Harris Technologies from $245.00 to $265.00 and gave the company an overweight rating in a research note on Tuesday, July 30th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $238.50.

L3Harris Technologies Price Performance

LHX stock opened at $230.19 on Wednesday. The company’s fifty day moving average price is $226.57 and its 200-day moving average price is $216.83. L3Harris Technologies has a one year low of $160.25 and a one year high of $245.60. The company has a market capitalization of $43.66 billion, a PE ratio of 37.37, a price-to-earnings-growth ratio of 1.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the company posted $2.97 EPS. On average, equities analysts anticipate that L3Harris Technologies will post 13.04 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a $1.16 dividend. The ex-dividend date is Friday, September 6th. This represents a $4.64 annualized dividend and a dividend yield of 2.02%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 26,190 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the sale, the chief executive officer now owns 120,326 shares of the company’s stock, valued at approximately $27,157,578.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the completion of the sale, the senior vice president now owns 47,616 shares of the company’s stock, valued at $11,189,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher E. Kubasik sold 26,190 shares of L3Harris Technologies stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the completion of the transaction, the chief executive officer now directly owns 120,326 shares in the company, valued at $27,157,578.20. The disclosure for this sale can be found here. Insiders sold 109,312 shares of company stock valued at $24,712,822 over the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of L3Harris Technologies

Institutional investors have recently made changes to their positions in the business. RFG Advisory LLC boosted its holdings in L3Harris Technologies by 3.1% in the second quarter. RFG Advisory LLC now owns 1,416 shares of the company’s stock worth $318,000 after acquiring an additional 43 shares in the last quarter. Optas LLC boosted its stake in L3Harris Technologies by 3.3% in the 2nd quarter. Optas LLC now owns 1,381 shares of the company’s stock worth $310,000 after purchasing an additional 44 shares in the last quarter. Founders Financial Securities LLC grew its position in L3Harris Technologies by 2.8% during the 2nd quarter. Founders Financial Securities LLC now owns 1,774 shares of the company’s stock worth $398,000 after purchasing an additional 48 shares during the last quarter. Oak Harbor Wealth Partners LLC increased its stake in L3Harris Technologies by 1.7% during the 1st quarter. Oak Harbor Wealth Partners LLC now owns 2,985 shares of the company’s stock valued at $636,000 after purchasing an additional 49 shares in the last quarter. Finally, Whitener Capital Management Inc. raised its holdings in shares of L3Harris Technologies by 3.0% in the second quarter. Whitener Capital Management Inc. now owns 1,715 shares of the company’s stock worth $385,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds 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.