L3Harris Technologies (NYSE:LHX) PT Raised to $293.00 at Truist Financial

L3Harris Technologies (NYSE:LHX) had its target price hoisted by analysts at Truist Financial from $250.00 to $293.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 17.77% from the stock’s previous close.

Several other analysts have also commented on the company. Citigroup raised their target price on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company decreased their target price on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Royal Bank of Canada downgraded shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $250.00 to $240.00 in a report on Wednesday, August 14th. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a report on Thursday, October 10th. Finally, Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $275.00 to $257.00 in a research note on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $256.71.

L3Harris Technologies Price Performance

Shares of NYSE:LHX opened at $248.78 on Friday. L3Harris Technologies has a twelve month low of $169.55 and a twelve month high of $249.16. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. The company has a market cap of $47.19 billion, a PE ratio of 40.39, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73. The company’s 50 day moving average is $235.12 and its 200 day moving average is $225.96.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, July 25th. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The firm had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.97 earnings per share. On average, sell-side analysts forecast that L3Harris Technologies will post 13.06 EPS for the current year.

Insider Buying and Selling

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On L3Harris Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brown Lisle Cummings Inc. raised its stake in L3Harris Technologies by 19.2% in the third quarter. Brown Lisle Cummings Inc. now owns 14,585 shares of the company’s stock valued at $3,469,000 after buying an additional 2,350 shares in the last quarter. Columbus Macro LLC increased its stake in L3Harris Technologies by 5.6% in the 3rd quarter. Columbus Macro LLC now owns 2,964 shares of the company’s stock valued at $713,000 after buying an additional 158 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of L3Harris Technologies by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,039,832 shares of the company’s stock worth $485,215,000 after buying an additional 27,763 shares in the last quarter. OLD National Bancorp IN lifted its stake in shares of L3Harris Technologies by 73.3% in the third quarter. OLD National Bancorp IN now owns 1,879 shares of the company’s stock valued at $447,000 after purchasing an additional 795 shares during the period. Finally, Cyndeo Wealth Partners LLC purchased a new stake in L3Harris Technologies during the third quarter worth $203,000. Hedge funds and other institutional investors own 84.76% of the company’s stock.

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.