L3Harris Technologies (NYSE:LHX) Lowered to Market Perform Rating by Raymond James

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

A number of other analysts have also recently issued reports on the stock. Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research note on Tuesday, November 26th. Truist Financial lifted their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note 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 research report on Thursday, October 10th. Wells Fargo & Company reduced their price target on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating for the company in a research report on Wednesday, December 11th. Finally, StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a report on Monday, October 28th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, L3Harris Technologies presently has an average rating of “Moderate Buy” and an average price target of $267.73.

L3Harris Technologies Trading Up 1.2 %

NYSE LHX opened at $209.75 on Thursday. The company has a market capitalization of $39.78 billion, a PE ratio of 33.14, a price-to-earnings-growth ratio of 1.86 and a beta of 0.72. L3Harris Technologies has a 1-year low of $200.18 and a 1-year high of $265.74. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The firm’s fifty day simple moving average is $236.03 and its 200-day simple moving average is $233.94.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business’s revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.19 EPS. As a group, sell-side analysts anticipate that L3Harris Technologies will post 13.09 earnings per share for the current fiscal year.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies 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 sale, the insider now directly 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 Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 7,889 shares of company stock worth $1,800,572 in the last ninety days. 0.82% of the stock is currently owned by insiders.

Institutional Trading of L3Harris Technologies

Hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. increased 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 during the period. Archer Investment Corp boosted its stake in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after buying an additional 43 shares in the last quarter. Kennebec Savings Bank bought a new stake in L3Harris Technologies in the 3rd quarter valued at $36,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of L3Harris Technologies in the 2nd quarter valued at $57,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of L3Harris Technologies during the 3rd quarter worth about $64,000. Institutional investors own 84.76% of the company’s stock.

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.