Truist Financial Has Lowered Expectations for L3Harris Technologies (NYSE:LHX) Stock Price

L3Harris Technologies (NYSE:LHX) had its price target decreased by equities researchers at Truist Financial from $300.00 to $283.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 31.37% from the company’s current price.

Several other brokerages have also recently weighed in on LHX. Deutsche Bank Aktiengesellschaft dropped their price objective on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating for the company in a report on Thursday, January 2nd. Royal Bank of Canada upped their target price on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a report on Monday, October 28th. Barclays reduced their price target on L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $240.00 to $300.00 in a research report on Thursday, October 31st. Finally, StockNews.com upgraded 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 twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $265.25.

L3Harris Technologies Price Performance

Shares of LHX stock traded up $1.51 during trading hours on Tuesday, hitting $215.43. 156,245 shares of the company’s stock were exchanged, compared to its average volume of 1,136,638. The stock’s 50-day moving average is $230.43 and its 200-day moving average is $233.30. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The stock has a market cap of $40.86 billion, a price-to-earnings ratio of 34.03, 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) last released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 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 for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter last year, the firm posted $3.19 earnings per share. L3Harris Technologies’s revenue was up 7.7% compared to the same quarter last year. As a group, research analysts forecast that L3Harris Technologies will post 13.09 EPS for the current year.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $247.93, for a total value of $740,814.84. Following the sale, the insider now owns 10,340 shares in the company, valued at $2,563,596.20. This represents a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 7,889 shares of company stock worth $1,800,572 over the last three months. 0.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Archer Investment Corp lifted its holdings in L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares in the last quarter. Kennebec Savings Bank purchased a new stake in shares of L3Harris Technologies in the 3rd quarter valued at $36,000. Ashton Thomas Securities LLC purchased a new stake in shares of L3Harris Technologies in the 3rd quarter valued at $64,000. Quest Partners LLC grew its stake in L3Harris Technologies by 36,000.0% during the 3rd 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. Finally, Versant Capital Management Inc grew its stake in L3Harris Technologies by 133.7% during the 4th quarter. Versant Capital Management Inc now owns 472 shares of the company’s stock worth $99,000 after purchasing an additional 270 shares in the last quarter. Institutional investors and hedge funds 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.