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

L3Harris Technologies (NYSE:LHX) had its price target reduced by Wells Fargo & Company from $300.00 to $269.00 in a research note published on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other brokerages also recently issued reports on LHX. Raymond James downgraded shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft cut their price target on shares of L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a report on Thursday, January 2nd. UBS Group increased their price objective on L3Harris Technologies from $228.00 to $237.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Morgan Stanley dropped their target price on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $240.00 price target on shares of L3Harris Technologies in a research note on Friday, January 31st. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus target price of $261.47.

L3Harris Technologies Stock Up 0.7 %

Shares of NYSE LHX opened at $206.23 on Wednesday. L3Harris Technologies has a 12-month low of $193.09 and a 12-month high of $265.74. The stock’s fifty day simple moving average is $209.05 and its two-hundred day simple moving average is $228.21. The stock has a market capitalization of $38.84 billion, a PE ratio of 26.20, a price-to-earnings-growth ratio of 2.42 and a beta of 0.76. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57.

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

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 1,764 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $213.65, for a total value of $376,878.60. Following the sale, the insider now directly owns 6,812 shares of the company’s stock, valued at approximately $1,455,383.80. This represents a 20.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 4,901 shares of company stock worth $1,059,757 over the last 90 days. 0.82% of the stock is currently owned by company insiders.

Institutional Trading of L3Harris Technologies

A number of hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its holdings in L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock valued at $25,000 after acquiring an additional 82 shares during the period. Millstone Evans Group LLC acquired a new position in shares of L3Harris Technologies in the 4th quarter valued at $26,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in L3Harris Technologies during the fourth quarter worth $27,000. Roxbury Financial LLC acquired a new stake in L3Harris Technologies during the fourth quarter valued at $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC increased its holdings in L3Harris Technologies by 336.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock valued at $30,000 after buying an additional 111 shares in the last quarter. Hedge funds and other institutional investors 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.