L3Harris Technologies (NYSE:LHX) Downgraded by Wall Street Zen to “Hold”

L3Harris Technologies (NYSE:LHX) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Several other research analysts have also recently issued reports on LHX. Vertical Research reissued a “buy” rating and set a $355.00 price target on shares of L3Harris Technologies in a report on Tuesday, January 13th. Wolfe Research reiterated an “outperform” rating on shares of L3Harris Technologies in a research report on Friday, January 30th. Susquehanna reissued a “positive” rating on shares of L3Harris Technologies in a report on Thursday, January 15th. Morgan Stanley lifted their price target on L3Harris Technologies from $367.00 to $390.00 and gave the company an “overweight” rating in a research note on Monday, February 2nd. Finally, Truist Financial set a $364.00 price objective on L3Harris Technologies in a research report on Wednesday, January 14th. Fifteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $328.57.

L3Harris Technologies Stock Performance

NYSE LHX opened at $349.62 on Friday. The firm has a market cap of $65.40 billion, a P/E ratio of 40.99, a P/E/G ratio of 2.46 and a beta of 0.64. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. The business’s 50-day moving average price is $314.93 and its 200 day moving average price is $294.16. L3Harris Technologies has a 52-week low of $193.09 and a 52-week high of $369.59.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, topping the consensus estimate of $2.76 by $0.10. The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The company’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period last year, the company earned $3.47 earnings per share. On average, equities research analysts expect that L3Harris Technologies will post 11.12 earnings per share for the current year.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Samir Mehta sold 4,840 shares of the business’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $338.85, for a total value of $1,640,034.00. Following the sale, the insider directly owned 5,916 shares in the company, valued at $2,004,636.60. The trade was a 45.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Christopher E. Kubasik sold 14,171 shares of the stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $301.05, for a total transaction of $4,266,179.55. Following the completion of the sale, the chief executive officer directly owned 144,426 shares in the company, valued at approximately $43,479,447.30. The trade was a 8.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kiker Wealth Management LLC boosted its stake in L3Harris Technologies by 137.0% in the 2nd quarter. Kiker Wealth Management LLC now owns 109 shares of the company’s stock worth $27,000 after buying an additional 63 shares during the last quarter. Caitlin John LLC acquired a new position in shares of L3Harris Technologies during the 3rd quarter valued at about $28,000. American National Bank & Trust lifted its holdings in shares of L3Harris Technologies by 44.8% during the 4th quarter. American National Bank & Trust now owns 97 shares of the company’s stock worth $28,000 after acquiring an additional 30 shares during the period. JPL Wealth Management LLC purchased a new position in shares of L3Harris Technologies during the 3rd quarter worth about $29,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in shares of L3Harris Technologies in the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

L3Harris Technologies Company Profile

L3Harris Technologies (NYSE: LHX) is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company’s offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.