Wells Fargo & Company Lowers L3Harris Technologies (NYSE:LHX) Price Target to $287.00

L3Harris Technologies (NYSE:LHX) had its price objective reduced by Wells Fargo & Company from $295.00 to $287.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also commented on LHX. Royal Bank of Canada boosted their price target on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report 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 on the stock in a research report on Thursday, October 10th. Argus raised shares of 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. Citigroup boosted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Truist Financial raised their target price on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $269.13.

L3Harris Technologies Trading Down 0.5 %

NYSE LHX opened at $223.16 on Wednesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. L3Harris Technologies has a one year low of $200.18 and a one year high of $265.74. The company’s 50 day moving average price is $245.54 and its 200 day moving average price is $234.75. The firm has a market capitalization of $42.33 billion, a price-to-earnings ratio of 35.33, a PEG ratio of 1.91 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping 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 firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the prior year, the company earned $3.19 EPS. The firm’s revenue was up 7.7% on a year-over-year basis. On average, sell-side analysts predict that L3Harris Technologies will post 13.09 EPS for the current year.

L3Harris Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were given a $1.16 dividend. The ex-dividend date was Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.08%. L3Harris Technologies’s payout ratio is currently 73.30%.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business’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 transaction of $740,814.84. Following the completion of the transaction, the insider now owns 10,340 shares in the company, valued at $2,563,596.20. The trade was a 22.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds have recently added to or reduced their stakes in LHX. KCM Investment Advisors LLC increased its position in L3Harris Technologies by 43.8% in the 3rd quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock valued at $4,584,000 after acquiring an additional 5,868 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of L3Harris Technologies by 17.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after purchasing an additional 6,634 shares during the period. Fortem Financial Group LLC bought a new stake in shares of L3Harris Technologies during the third quarter valued at about $841,000. Creative Planning lifted its holdings in L3Harris Technologies by 1.2% in the third quarter. Creative Planning now owns 41,588 shares of the company’s stock worth $9,893,000 after purchasing an additional 512 shares during the period. Finally, Janney Montgomery Scott LLC bought a new position in L3Harris Technologies in the 3rd quarter valued at about $35,904,000. 84.76% of the stock is currently owned by 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.