Wells Fargo & Company Cuts L3Harris Technologies (NYSE:LHX) Price Target to $242.00

L3Harris Technologies (NYSE:LHX - Get Free Report) had its price objective reduced by investment analysts at Wells Fargo & Company from $268.00 to $242.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 9.17% from the stock's previous close.

Other equities analysts have also issued research reports about the company. UBS Group raised their price objective on L3Harris Technologies from $228.00 to $237.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. JPMorgan Chase & Co. lowered their target price on L3Harris Technologies from $265.00 to $255.00 and set an "overweight" rating on the stock in a research note on Friday, January 31st. Morgan Stanley lowered their target price on shares of L3Harris Technologies from $260.00 to $250.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 4th. Jefferies Financial Group decreased their price target on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $240.00 price target on shares of L3Harris Technologies in a report on Friday, January 31st. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $256.94.

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L3Harris Technologies Trading Up 3.8 %

L3Harris Technologies stock traded up $8.16 during midday trading on Tuesday, hitting $221.67. 2,245,316 shares of the stock were exchanged, compared to its average volume of 996,129. The company has a current ratio of 1.08, a quick ratio of 0.90 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $41.61 billion, a price-to-earnings ratio of 28.17, a PEG ratio of 2.42 and a beta of 0.71. The stock's 50-day simple moving average is $207.62 and its 200 day simple moving average is $223.70. L3Harris Technologies has a fifty-two week low of $193.09 and a fifty-two week high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The company reported $3.47 EPS for the quarter, topping the consensus estimate 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, equities analysts anticipate that L3Harris Technologies will post 11.12 EPS for the current year.

Insider Activity

In other news, insider Jon Rambeau sold 3,178 shares of the company's stock in a transaction on Monday, March 10th. The stock was sold at an average price of $226.00, for a total transaction of $718,228.00. Following the transaction, the insider now owns 2,797 shares of the company's stock, valued at $632,122. This represents a 53.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Edward J. Zoiss sold 1,783 shares of L3Harris Technologies stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $211.48, for a total value of $377,068.84. Following the sale, the insider now directly owns 30,620 shares of the company's stock, valued at approximately $6,475,517.60. This trade represents a 5.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LHX. Fortem Financial Group LLC bought a new position in shares of L3Harris Technologies during the 3rd quarter worth approximately $841,000. Czech National Bank lifted its holdings in L3Harris Technologies by 6.4% during the 4th quarter. Czech National Bank now owns 41,124 shares of the company's stock valued at $8,648,000 after purchasing an additional 2,480 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of L3Harris Technologies by 29.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company's stock worth $184,245,000 after buying an additional 178,407 shares during the period. Principal Financial Group Inc. grew its position in shares of L3Harris Technologies by 2.0% in the third quarter. Principal Financial Group Inc. now owns 220,269 shares of the company's stock valued at $52,395,000 after purchasing an additional 4,321 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its holdings in L3Harris Technologies by 13.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 30,634 shares of the company's stock worth $7,602,000 after purchasing an additional 3,740 shares during the last quarter. 84.76% of the stock is owned by institutional investors and hedge funds.

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.