Truist Financial Issues Pessimistic Forecast for L3Harris Technologies (NYSE:LHX) Stock Price

L3Harris Technologies (NYSE:LHX - Get Free Report) had its price target decreased by equities researchers at Truist Financial from $300.00 to $283.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective indicates a potential upside of 31.84% from the stock's current price.

Other equities analysts have also recently issued reports about the stock. Bank of America raised shares of L3Harris Technologies from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Susquehanna decreased their price objective on L3Harris Technologies from $300.00 to $258.00 and set a "positive" rating on the stock in a research report on Wednesday, January 8th. Argus raised L3Harris Technologies from a "hold" rating to a "buy" rating and set a $300.00 target price on the stock in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft lowered their price target on L3Harris Technologies from $250.00 to $229.00 and set a "hold" rating for the company in a research report on Thursday, January 2nd. Finally, Citigroup boosted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $265.25.

L3Harris Technologies Price Performance

Shares of LHX traded up $0.73 during trading hours on Tuesday, reaching $214.65. 953,084 shares of the stock traded hands, compared to its average volume of 1,239,785. 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 company's 50-day moving average price is $230.43 and its two-hundred day moving average price is $233.30. The company has a market cap of $40.71 billion, a P/E ratio of 33.91, a price-to-earnings-growth ratio of 1.86 and a beta of 0.75. L3Harris Technologies has a 52-week low of $200.18 and a 52-week high of $265.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the firm posted $3.19 EPS. L3Harris Technologies's revenue for the quarter was up 7.7% compared to the same quarter last year. On average, analysts anticipate that L3Harris Technologies will post 13.09 earnings per share for the current year.

Insider Activity

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction on 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 owns 10,340 shares of the company's stock, valued at approximately $2,563,596.20. This trade represents a 22.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 7,889 shares of company stock worth $1,800,572. Company insiders own 0.82% of the company's stock.

Institutional Investors Weigh In On L3Harris Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Archer Investment Corp boosted its holdings in shares of 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 in the last quarter. Kennebec Savings Bank purchased a new stake in L3Harris Technologies during the third quarter valued at approximately $36,000. Ashton Thomas Securities LLC acquired a new stake in L3Harris Technologies in the third quarter valued at approximately $64,000. Armstrong Advisory Group Inc. grew its holdings in L3Harris Technologies by 1,660.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 352 shares of the company's stock worth $74,000 after purchasing an additional 332 shares during the last quarter. Finally, Quest Partners LLC increased its position in shares of L3Harris Technologies by 36,000.0% during the third quarter. Quest Partners LLC now owns 361 shares of the company's stock worth $86,000 after purchasing an additional 360 shares in the last quarter. 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.