Wells Fargo & Company Cuts L3Harris Technologies (NYSE:LHX) Price Target to $287.00

L3Harris Technologies (NYSE:LHX) had its target price lowered by Wells Fargo & Company from $295.00 to $287.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

LHX has been the subject of several other research reports. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $240.00 to $300.00 in a research note on Thursday, October 31st. Citigroup upped their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Argus upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a research note 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 objective for the company in a research note on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.13.

L3Harris Technologies Trading Down 0.5 %

NYSE LHX opened at $223.16 on Wednesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The firm has a market cap of $42.33 billion, a price-to-earnings ratio of 35.33, a PEG ratio of 1.91 and a beta of 0.72. The firm has a 50 day simple moving average of $245.54 and a 200-day simple moving average of $234.75. L3Harris Technologies has a one year low of $200.18 and a one year high of $265.74.

L3Harris Technologies (NYSE:LHX) last released its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. L3Harris Technologies’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $3.19 EPS. Equities research analysts anticipate that L3Harris Technologies will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th were issued a $1.16 dividend. The ex-dividend date was Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a yield of 2.08%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 73.30%.

Insider Buying and Selling

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $247.93, for a total transaction of $740,814.84. Following the completion of the transaction, the insider now owns 10,340 shares in the company, valued at approximately $2,563,596.20. The trade was a 22.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LHX. Wedmont Private Capital acquired a new stake in L3Harris Technologies in the 2nd quarter worth about $231,000. Diversified Trust Co acquired a new stake in shares of L3Harris Technologies in the second quarter worth approximately $247,000. Wealth Enhancement Advisory Services LLC grew its holdings in L3Harris Technologies by 17.8% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 43,838 shares of the company’s stock valued at $9,845,000 after purchasing an additional 6,634 shares during the period. ORG Partners LLC increased its position in L3Harris Technologies by 1,652.4% during the second quarter. ORG Partners LLC now owns 368 shares of the company’s stock worth $82,000 after purchasing an additional 347 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in L3Harris Technologies by 6.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 38,442 shares of the company’s stock worth $8,633,000 after purchasing an additional 2,489 shares during the period. Institutional investors and hedge funds own 84.76% of the company’s stock.

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.