Bank of America Cuts L3Harris Technologies (NYSE:LHX) Price Target to $265.00

L3Harris Technologies (NYSE:LHX) had its price objective lowered by analysts at Bank of America from $300.00 to $265.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 26.86% from the stock’s previous close.

Other research analysts have also issued reports about the company. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. 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 report on Thursday, October 10th. Susquehanna reduced their price target 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. Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $289.00 to $267.00 in a report on Wednesday, January 8th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $240.00 target price on shares of L3Harris Technologies in a report on Friday, January 31st. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $263.07.

L3Harris Technologies Trading Down 0.9 %

Shares of L3Harris Technologies stock opened at $208.89 on Tuesday. The company’s fifty day moving average price is $219.26 and its two-hundred day moving average price is $231.83. The firm has a market capitalization of $39.62 billion, a PE ratio of 26.54, a price-to-earnings-growth ratio of 1.74 and a beta of 0.76. L3Harris Technologies has a 52-week low of $200.18 and a 52-week high of $265.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 30th. The company reported $3.47 EPS for the quarter, topping 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%. On average, analysts expect that L3Harris Technologies will post 13.8 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 transaction of $288,412.38. Following the transaction, the insider now directly owns 5,049 shares in the company, valued at approximately $1,060,592.94. This represents a 21.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 4,901 shares of company stock worth $1,059,757 over the last 90 days. Insiders own 0.87% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently modified their holdings of LHX. National Pension Service boosted its stake in L3Harris Technologies by 42.1% in the fourth quarter. National Pension Service now owns 606,047 shares of the company’s stock valued at $127,440,000 after acquiring an additional 179,539 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of L3Harris Technologies by 29.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock worth $184,245,000 after purchasing an additional 178,407 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of L3Harris Technologies by 23,627.0% during the third quarter. International Assets Investment Management LLC now owns 170,597 shares of the company’s stock worth $40,580,000 after purchasing an additional 169,878 shares during the period. Mizuho Markets Americas LLC increased its holdings in L3Harris Technologies by 25.3% in the third 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. Finally, Janney Montgomery Scott LLC acquired a new position in L3Harris Technologies in the third quarter valued at about $35,904,000. 84.76% of the stock is 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.