L3Harris Technologies (NYSE:LHX) Stock Rating Lowered by Wall Street Zen

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

Several other research analysts have also commented on the company. Weiss Ratings raised L3Harris Technologies from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, December 29th. UBS Group raised their target price on L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a research report on Monday, January 5th. Truist Financial set a $364.00 price objective on shares of L3Harris Technologies in a research report on Wednesday, January 14th. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of L3Harris Technologies in a research note on Friday. Fifteen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $328.57.

L3Harris Technologies Trading Up 2.2%

Shares of LHX stock opened at $349.62 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. L3Harris Technologies has a fifty-two week low of $193.09 and a fifty-two week high of $369.59. The firm’s 50 day moving average price is $314.93 and its two-hundred day moving average price is $294.55. The stock has a market cap of $65.40 billion, a price-to-earnings ratio of 40.99, a price-to-earnings-growth ratio of 2.52 and a beta of 0.64.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, beating analysts’ consensus estimates of $2.76 by $0.10. The business had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $3.47 EPS. On average, analysts anticipate that L3Harris Technologies will post 11.12 EPS for the current year.

Insider Transactions at L3Harris Technologies

In other news, insider Samir Mehta sold 4,840 shares of the business’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $338.85, for a total transaction of $1,640,034.00. Following the completion of the transaction, the insider owned 5,916 shares of the company’s stock, valued at approximately $2,004,636.60. The trade was a 45.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher E. Kubasik sold 14,171 shares of the business’s 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 transaction, the chief executive officer directly owned 144,426 shares of the company’s stock, valued at $43,479,447.30. The trade was a 8.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of LHX. Burns J W & Co. Inc. NY increased its position in shares of L3Harris Technologies by 3.1% during the 4th quarter. Burns J W & Co. Inc. NY now owns 987 shares of the company’s stock valued at $290,000 after purchasing an additional 30 shares during the period. American National Bank & Trust boosted its stake in L3Harris Technologies by 44.8% during the fourth quarter. American National Bank & Trust now owns 97 shares of the company’s stock valued at $28,000 after buying an additional 30 shares in the last quarter. Turtle Creek Wealth Advisors LLC boosted its stake in L3Harris Technologies by 3.7% during the fourth quarter. Turtle Creek Wealth Advisors LLC now owns 862 shares of the company’s stock valued at $253,000 after buying an additional 31 shares in the last quarter. Rainier Family Wealth Inc. grew its holdings in L3Harris Technologies by 4.8% during the fourth quarter. Rainier Family Wealth Inc. now owns 700 shares of the company’s stock worth $205,000 after acquiring an additional 32 shares during the period. Finally, San Luis Wealth Advisors LLC raised its position in L3Harris Technologies by 5.1% in the fourth quarter. San Luis Wealth Advisors LLC now owns 705 shares of the company’s stock worth $207,000 after acquiring an additional 34 shares in the last quarter. 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.