Barclays Issues Pessimistic Forecast for L3Harris Technologies (NYSE:LHX) Stock Price

L3Harris Technologies (NYSE:LHX) had its price objective cut by equities researchers at Barclays from $290.00 to $255.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price objective suggests a potential upside of 25.52% from the company’s current price.

A number of other brokerages have also recently issued reports on LHX. Wolfe Research raised 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. Royal Bank of Canada lifted their price target on L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Finally, Wells Fargo & Company lowered their price target on shares of L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating for the company in a report on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $267.07.

L3Harris Technologies Stock Performance

NYSE:LHX opened at $203.16 on Monday. The company has a market capitalization of $38.53 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 1.86 and a beta of 0.75. The business has a 50 day moving average of $233.46 and a 200 day moving average of $233.73. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies has a 1-year low of $200.18 and a 1-year high of $265.74.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the business posted $3.19 EPS. The business’s quarterly revenue was up 7.7% on a year-over-year basis. On average, sell-side analysts predict that L3Harris Technologies will post 13.09 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $247.93, for a total value of $740,814.84. Following the completion of the transaction, the insider now directly owns 10,340 shares in the company, valued at $2,563,596.20. This trade represents a 22.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 7,889 shares of company stock worth $1,800,572 in the last quarter. 0.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. boosted its position in shares of L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after purchasing an additional 86 shares in the last quarter. Archer Investment Corp boosted its holdings in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares in the last quarter. Kennebec Savings Bank purchased a new stake in shares of L3Harris Technologies in the third quarter worth $36,000. Ashton Thomas Private Wealth LLC bought a new position in shares of L3Harris Technologies during the second quarter valued at $57,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of L3Harris Technologies during the third quarter valued at $64,000. 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.