L3Harris Technologies (NYSE:LHX) Downgraded to “Market Perform” Rating by Raymond James

Raymond James lowered shares of L3Harris Technologies (NYSE:LHX) from an outperform rating to a market perform rating in a report released on Thursday, Marketbeat.com reports.

Other research analysts have also issued research reports about the company. Wells Fargo & Company cut their price target on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a report on Wednesday, December 11th. Citigroup lifted their price target 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. Truist Financial raised 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. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 target price for the company in a research report on Thursday, October 10th. Finally, Argus upgraded L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a research note on Tuesday, November 26th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $267.73.

L3Harris Technologies Stock Down 1.4 %

LHX opened at $207.36 on Thursday. 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 stock’s fifty day simple moving average is $236.03 and its 200 day simple moving average is $233.94. L3Harris Technologies has a 1-year low of $200.18 and a 1-year high of $265.74. The stock has a market cap of $39.33 billion, a PE ratio of 32.76, a price-to-earnings-growth ratio of 1.86 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. The company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.19 EPS. As a group, research analysts expect that L3Harris Technologies will post 13.09 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th were given a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Monday, November 18th. L3Harris Technologies’s payout ratio is 73.30%.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 1,764 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $223.62, for a total transaction of $394,465.68. Following the completion of the sale, the insider now owns 8,576 shares in the company, valued at approximately $1,917,765.12. The trade was a 17.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 7,889 shares of company stock worth $1,800,572 over the last three months. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in shares of 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 acquiring an additional 178,407 shares during the period. Independent Solutions Wealth Management LLC acquired a new stake in L3Harris Technologies during the 3rd quarter worth $250,000. Principal Financial Group Inc. grew its position in L3Harris Technologies by 2.0% during the 3rd quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock worth $52,395,000 after purchasing an additional 4,321 shares during the last quarter. Copley Financial Group Inc. acquired a new position in L3Harris Technologies in the third quarter valued at $449,000. Finally, Franklin Resources Inc. raised its holdings in shares of L3Harris Technologies by 0.6% in the third quarter. Franklin Resources Inc. now owns 218,228 shares of the company’s stock valued at $54,171,000 after buying an additional 1,221 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

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.