L3Harris Technologies (NYSE:LHX) Given New $242.00 Price Target at Wells Fargo & Company

L3Harris Technologies (NYSE:LHX) had its price objective lowered by Wells Fargo & Company from $268.00 to $242.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. Truist Financial reduced their price objective on L3Harris Technologies from $283.00 to $274.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Royal Bank of Canada reiterated a “sector perform” rating and set a $240.00 price target on shares of L3Harris Technologies in a research report on Friday, January 31st. Susquehanna lowered 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. Sanford C. Bernstein raised shares of L3Harris Technologies from a “market perform” rating to an “outperform” rating and cut their target price for the company from $289.00 to $267.00 in a report on Wednesday, January 8th. Finally, Citigroup lowered their price target on shares of L3Harris Technologies from $291.00 to $285.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $259.06.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $200.37 on Tuesday. L3Harris Technologies has a 52 week low of $193.09 and a 52 week high of $265.74. The business’s 50 day moving average price is $207.26 and its 200 day moving average price is $224.15. The company has a quick ratio of 0.90, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The firm has a market cap of $37.61 billion, a P/E ratio of 25.46, a P/E/G ratio of 2.42 and a beta of 0.71.

L3Harris Technologies (NYSE:LHX) last released 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%. On average, sell-side analysts expect that L3Harris Technologies will post 11.12 earnings per share for the current year.

L3Harris Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Monday, March 10th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 2.40%. This is a boost from L3Harris Technologies’s previous quarterly dividend of $1.16. The ex-dividend date of this dividend was Monday, March 10th. L3Harris Technologies’s payout ratio is presently 60.99%.

Insider Buying and Selling at L3Harris Technologies

In other news, insider Jon Rambeau sold 3,178 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $226.00, for a total value of $718,228.00. Following the completion of the sale, the insider now directly owns 2,797 shares in the company, valued at $632,122. This represents a 53.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Edward J. Zoiss sold 1,783 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $211.48, for a total transaction of $377,068.84. Following the completion of the transaction, the insider now directly owns 30,620 shares in the company, valued at approximately $6,475,517.60. This 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 currently owned by insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of large investors have recently made changes to their positions in LHX. Meeder Asset Management Inc. grew its holdings in L3Harris Technologies by 234.3% in the 4th quarter. Meeder Asset Management Inc. now owns 117 shares of the company’s stock valued at $25,000 after buying an additional 82 shares in the last quarter. Millstone Evans Group LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at about $26,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of L3Harris Technologies in the fourth quarter valued at about $27,000. Roxbury Financial LLC acquired a new stake in L3Harris Technologies during the fourth quarter worth about $30,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its stake in L3Harris Technologies by 336.4% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 144 shares of the company’s stock worth $30,000 after purchasing an additional 111 shares during the period. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

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.