L3Harris Technologies (NYSE:LHX) Given New $295.00 Price Target at Wells Fargo & Company

L3Harris Technologies (NYSE:LHX) had its price target increased by Wells Fargo & Company from $260.00 to $295.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 20.37% from the company’s previous close.

A number of other research analysts have also commented on the company. Barclays upped their price target on L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Citigroup increased their price target on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Wolfe Research raised shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research note on Thursday, October 10th. Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, L3Harris Technologies presently has a consensus rating of “Moderate Buy” and a consensus target price of $261.50.

L3Harris Technologies Trading Down 1.2 %

Shares of LHX opened at $245.07 on Monday. L3Harris Technologies has a 1-year low of $172.30 and a 1-year high of $258.89. The company has a market capitalization of $46.49 billion, a P/E ratio of 39.78, a P/E/G ratio of 2.10 and a beta of 0.73. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74. The firm’s 50 day simple moving average is $237.74 and its 200 day simple moving average is $228.12.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter last year, the firm earned $3.19 EPS. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. Sell-side analysts forecast that L3Harris Technologies will post 13.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the sale, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in L3Harris Technologies by 12.9% during the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock valued at $4,857,141,000 after acquiring an additional 2,606,267 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of L3Harris Technologies in the second quarter valued at about $210,886,000. Envestnet Asset Management Inc. raised its position in L3Harris Technologies by 236.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock worth $222,186,000 after buying an additional 695,582 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in L3Harris Technologies by 19.7% in the second quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock valued at $712,858,000 after purchasing an additional 523,315 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in L3Harris Technologies by 65.2% during the second quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock worth $97,532,000 after acquiring an additional 171,420 shares during the period. 84.76% of the stock is currently owned by institutional investors.

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.