Wells Fargo & Company Cuts L3Harris Technologies (NYSE:LHX) Price Target to $268.00

L3Harris Technologies (NYSE:LHX - Get Free Report) had its target price decreased by stock analysts at Wells Fargo & Company from $269.00 to $268.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price points to a potential upside of 21.56% from the company's previous close.

LHX has been the subject of a number of other research reports. Raymond James cut L3Harris Technologies from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. Susquehanna reduced their price target on L3Harris Technologies from $300.00 to $258.00 and set a "positive" rating for the company in a report on Wednesday, January 8th. UBS Group upped their price target on L3Harris Technologies from $228.00 to $237.00 and gave the stock a "neutral" rating in a report on Friday, January 31st. Argus raised L3Harris Technologies from a "hold" rating to a "buy" rating and set a $300.00 price target for the company in a report on Tuesday, November 26th. Finally, Sanford C. Bernstein upgraded shares of L3Harris Technologies from a "market perform" rating to an "outperform" rating and reduced their price target for the stock from $289.00 to $267.00 in a research report on Wednesday, January 8th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $261.40.

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L3Harris Technologies Stock Performance

Shares of NYSE:LHX traded up $6.68 on Friday, hitting $220.47. 1,868,272 shares of the company were exchanged, compared to its average volume of 925,050. L3Harris Technologies has a 1-year low of $193.09 and a 1-year high of $265.74. The stock's 50 day moving average price is $208.94 and its 200 day moving average price is $227.64. 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 firm has a market capitalization of $41.52 billion, a P/E ratio of 28.01, a price-to-earnings-growth ratio of 2.42 and a beta of 0.74.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The company reported $3.47 EPS for the quarter, beating 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%. Sell-side analysts predict that L3Harris Technologies will post 11.12 EPS for the current year.

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 1,373 shares of the business's stock in a transaction on Monday, December 30th. The stock was sold at an average price of $210.06, for a total value of $288,412.38. Following the completion of the transaction, the insider now directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders sold 4,901 shares of company stock worth $1,059,757 over the last 90 days. Company insiders own 0.87% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. KCM Investment Advisors LLC raised its stake in L3Harris Technologies by 43.8% during the third quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company's stock worth $4,584,000 after purchasing an additional 5,868 shares during the period. Fortem Financial Group LLC purchased a new position in L3Harris Technologies in the third quarter valued at approximately $841,000. Czech National Bank raised its holdings in L3Harris Technologies by 6.4% in the fourth quarter. Czech National Bank now owns 41,124 shares of the company's stock valued at $8,648,000 after buying an additional 2,480 shares during the period. JPMorgan Chase & Co. raised its holdings in L3Harris Technologies by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company's stock valued at $184,245,000 after buying an additional 178,407 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in 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 buying an additional 4,321 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.