Wall Street Zen Downgrades L3Harris Technologies (NYSE:LHX) to Hold

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

A number of other research firms also recently issued reports on LHX. JPMorgan Chase & Co. increased their target price on shares of L3Harris Technologies from $340.00 to $395.00 and gave the stock an “overweight” rating in a research report on Thursday. Citigroup increased their price objective on shares of L3Harris Technologies from $389.00 to $418.00 and gave the stock a “buy” rating in a research report on Thursday. Vertical Research restated a “buy” rating and set a $355.00 target price on shares of L3Harris Technologies in a report on Tuesday, January 13th. Truist Financial set a $364.00 price target on shares of L3Harris Technologies in a research report on Wednesday, January 14th. Finally, UBS Group raised their price objective on L3Harris Technologies to $323.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Fifteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $328.57.

L3Harris Technologies Trading Up 2.2%

Shares of LHX opened at $349.62 on Friday. L3Harris Technologies has a twelve month low of $193.09 and a twelve month high of $369.59. The firm has a market capitalization of $65.40 billion, a P/E ratio of 40.99, a price-to-earnings-growth ratio of 2.46 and a beta of 0.64. The company has a current ratio of 1.19, a quick ratio of 1.02 and a debt-to-equity ratio of 0.53. The stock’s fifty day simple moving average is $314.93 and its 200 day simple moving average is $294.16.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, January 29th. The company reported $2.86 EPS for the quarter, topping the consensus estimate of $2.76 by $0.10. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.76 billion. L3Harris Technologies had a return on equity of 10.43% and a net margin of 7.35%.The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.47 earnings per share. On average, equities research analysts forecast that L3Harris Technologies will post 11.12 earnings per share for the current year.

Insider Activity

In related news, insider Samir Mehta sold 4,840 shares of the stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $338.85, for a total value 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. This represents a 45.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Christopher E. Kubasik sold 14,171 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $301.05, for a total value of $4,266,179.55. Following the sale, the chief executive officer owned 144,426 shares in the company, valued at $43,479,447.30. This represents a 8.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.72% of the stock is owned by company insiders.

Institutional Trading of L3Harris Technologies

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