Citigroup Lowers L3Harris Technologies (NYSE:LHX) Price Target to $285.00

L3Harris Technologies (NYSE:LHX) had its price objective trimmed by Citigroup from $291.00 to $285.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on LHX. Bank of America cut their price objective on L3Harris Technologies from $300.00 to $265.00 and set a “buy” rating for the company in a research report on Tuesday, February 4th. Susquehanna cut their price objective on L3Harris Technologies from $300.00 to $258.00 and set a “positive” rating for the company in a research report on Wednesday, January 8th. Sanford C. Bernstein upgraded L3Harris Technologies from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $289.00 to $267.00 in a research report on Wednesday, January 8th. JPMorgan Chase & Co. dropped their price target on L3Harris Technologies from $265.00 to $255.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Finally, Morgan Stanley dropped their price target on L3Harris Technologies from $260.00 to $250.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $262.67.

L3Harris Technologies Price Performance

L3Harris Technologies stock opened at $208.30 on Monday. L3Harris Technologies has a 12 month low of $200.18 and a 12 month high of $265.74. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.90. The business has a 50 day simple moving average of $216.96 and a 200-day simple moving average of $231.17. The stock has a market capitalization of $39.51 billion, a PE ratio of 26.47, a price-to-earnings-growth ratio of 1.75 and a beta of 0.76.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, January 30th. The company reported $3.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 7.04%. Equities analysts predict that L3Harris Technologies will post 11.19 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Ross Niebergall sold 1,764 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $213.65, for a total transaction of $376,878.60. Following the sale, the insider now directly owns 6,812 shares in the company, valued at approximately $1,455,383.80. This trade represents a 20.57 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 4,901 shares of company stock valued at $1,059,757. Insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of LHX. Raymond James Financial Inc. purchased a new stake in L3Harris Technologies during the 4th quarter worth approximately $398,507,000. National Pension Service grew its position in shares of L3Harris Technologies by 42.1% in the 4th quarter. National Pension Service now owns 606,047 shares of the company’s stock worth $127,440,000 after acquiring an additional 179,539 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of L3Harris Technologies by 29.9% in the 3rd 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 in the last quarter. International Assets Investment Management LLC grew its position in shares of L3Harris Technologies by 23,627.0% in the 3rd quarter. International Assets Investment Management LLC now owns 170,597 shares of the company’s stock worth $40,580,000 after acquiring an additional 169,878 shares in the last quarter. Finally, Mizuho Markets Americas LLC grew its position in shares of L3Harris Technologies by 25.3% in the 3rd quarter. Mizuho Markets Americas LLC now owns 822,736 shares of the company’s stock worth $195,704,000 after acquiring an additional 166,262 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

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.