Raymond James Downgrades L3Harris Technologies (NYSE:LHX) to Market Perform

L3Harris Technologies (NYSE:LHX) was downgraded by analysts at Raymond James from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, MarketBeat Ratings reports.

Several other analysts have also recently issued reports on LHX. Truist Financial increased their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Citigroup increased their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Royal Bank of Canada upped their price objective on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Finally, Wells Fargo & Company cut their price target on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a report on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $269.13.

L3Harris Technologies Price Performance

Shares of LHX opened at $210.28 on Thursday. The firm has a 50-day simple moving average of $236.77 and a two-hundred day simple moving average of $234.13. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies has a 1-year low of $200.18 and a 1-year high of $265.74. The stock has a market cap of $39.88 billion, a PE ratio of 33.22, a P/E/G ratio of 1.86 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping 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 company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the prior year, the firm earned $3.19 earnings per share. The firm’s revenue was up 7.7% compared to the same quarter last year. As a group, analysts forecast that L3Harris Technologies will post 13.09 EPS for the current year.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the transaction, the insider now owns 10,340 shares of the company’s stock, valued at $2,563,596.20. This trade represents a 22.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders sold 7,889 shares of company stock valued at $1,800,572. 0.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LHX. Ritholtz Wealth Management grew its position in L3Harris Technologies by 27.2% in the 2nd quarter. Ritholtz Wealth Management now owns 1,978 shares of the company’s stock valued at $444,000 after buying an additional 423 shares during the last quarter. Rhumbline Advisers increased its stake in shares of L3Harris Technologies by 2.5% during the second quarter. Rhumbline Advisers now owns 336,073 shares of the company’s stock worth $75,475,000 after acquiring an additional 8,320 shares during the period. TIAA Trust National Association lifted its position in L3Harris Technologies by 2.2% in the second quarter. TIAA Trust National Association now owns 3,821 shares of the company’s stock valued at $858,000 after purchasing an additional 84 shares during the period. Wolverine Asset Management LLC purchased a new stake in L3Harris Technologies in the 2nd quarter valued at approximately $561,000. Finally, Founders Financial Securities LLC raised its stake in shares of 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 buying an additional 48 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other 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.