L3Harris Technologies (NYSE:LHX) Price Target Lowered to $258.00 at Susquehanna

L3Harris Technologies (NYSE:LHX) had its price objective cut by equities researchers at Susquehanna from $300.00 to $258.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “positive” rating on the stock. Susquehanna’s target price would indicate a potential upside of 24.58% from the company’s previous close.

A number of other equities research analysts have also commented on LHX. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price objective for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Barclays decreased their price target on L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating for the company in a report on Monday. Royal Bank of Canada upped their target price on L3Harris Technologies from $240.00 to $265.00 and gave the company a “sector perform” rating in a research report on Monday, October 28th. Truist Financial lifted their target price on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a report on Tuesday, November 26th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $266.31.

L3Harris Technologies Stock Performance

NYSE LHX opened at $207.09 on Wednesday. The company has a market capitalization of $39.28 billion, a price-to-earnings ratio of 32.72, a PEG ratio of 1.86 and a beta of 0.75. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. L3Harris Technologies has a twelve month low of $200.18 and a twelve month high of $265.74. The stock has a fifty day simple moving average of $231.88 and a 200 day simple moving average of $233.36.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share (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 during the quarter, compared to the consensus estimate of $5.28 billion. During the same period last year, the company earned $3.19 earnings per share. The firm’s revenue was up 7.7% compared to the same quarter last year. Sell-side analysts expect that L3Harris Technologies will post 13.09 EPS for the current year.

Insiders Place Their Bets

In related news, insider Ross Niebergall sold 1,373 shares of L3Harris Technologies stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $210.06, for a total transaction of $288,412.38. Following the transaction, the insider now owns 5,049 shares of the company’s stock, valued at $1,060,592.94. The trade was a 21.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders sold 7,889 shares of company stock valued at $1,800,572. Corporate insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

A number of hedge funds have recently bought and sold shares of the company. Meeder Asset Management Inc. lifted its position in shares of L3Harris Technologies by 260.6% during the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after purchasing an additional 86 shares in the last quarter. Archer Investment Corp increased its stake in L3Harris Technologies by 48.9% in the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after buying an additional 43 shares during the last quarter. Kennebec Savings Bank bought a new position in shares of L3Harris Technologies during the 3rd quarter worth approximately $36,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of L3Harris Technologies in the 2nd quarter worth approximately $57,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of L3Harris Technologies in the third quarter valued at approximately $64,000. 84.76% of the stock is owned by hedge funds and other institutional investors.

About L3Harris Technologies

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.