Barclays Cuts L3Harris Technologies (NYSE:LHX) Price Target to $255.00

L3Harris Technologies (NYSE:LHX) had its price target lowered by Barclays from $290.00 to $255.00 in a research note released on Monday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other analysts have also recently issued research reports about the company. Truist Financial lifted their price target on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a report on Tuesday, November 26th. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a report on Thursday, October 10th. Raymond James cut shares of L3Harris Technologies from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Finally, Wells Fargo & Company cut their price objective on shares of L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $266.31.

L3Harris Technologies Stock Performance

LHX opened at $207.09 on Monday. The company has a market cap of $39.28 billion, a P/E ratio of 32.72, a price-to-earnings-growth ratio of 1.86 and a beta of 0.75. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. The firm’s 50-day moving average price is $232.69 and its 200-day moving average price is $233.54. L3Harris Technologies has a 52-week low of $200.18 and a 52-week high of $265.74.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating 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 business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the prior year, the business posted $3.19 EPS. L3Harris Technologies’s revenue for the quarter was up 7.7% compared to the same quarter last year. As a group, equities analysts anticipate that L3Harris Technologies will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

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

Insider Buying and Selling at L3Harris Technologies

In other news, insider Ross Niebergall sold 1,373 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $210.06, for a total transaction of $288,412.38. Following the transaction, the insider now owns 5,049 shares in the company, valued at $1,060,592.94. This trade represents a 21.38 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 7,889 shares of company stock valued at $1,800,572. Company insiders own 0.82% of the company’s stock.

Hedge Funds Weigh In On L3Harris Technologies

A number of large investors have recently added to or reduced their stakes in the stock. KCM Investment Advisors LLC increased its stake in shares of L3Harris Technologies by 43.8% during the third quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock worth $4,584,000 after purchasing an additional 5,868 shares in the last quarter. Fortem Financial Group LLC purchased a new stake in L3Harris Technologies during the 3rd quarter worth approximately $841,000. Sanctuary Advisors LLC raised its holdings in shares of L3Harris Technologies by 13.9% during the third quarter. Sanctuary Advisors LLC now owns 30,634 shares of the company’s stock valued at $7,602,000 after acquiring an additional 3,740 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of L3Harris Technologies by 2.0% in the third quarter. Principal Financial Group Inc. now owns 220,269 shares of the company’s stock valued at $52,395,000 after acquiring an additional 4,321 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake 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 worth $184,245,000 after acquiring an additional 178,407 shares during the last quarter. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.