L3Harris Technologies (NYSE:LHX) Downgraded to Market Perform Rating by Raymond James

Raymond James downgraded shares of L3Harris Technologies (NYSE:LHX) from an outperform rating to a market perform rating in a report issued on Thursday morning, Marketbeat reports.

Several other equities research analysts also recently issued reports on the company. Wells Fargo & Company dropped their target price on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 11th. Truist Financial raised their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a report on Monday, October 28th. Bank of America raised shares of L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price target for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. StockNews.com upgraded L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Finally, Citigroup lifted their price target on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $267.73.

L3Harris Technologies Price Performance

Shares of NYSE LHX opened at $207.36 on Thursday. The company has a market capitalization of $39.33 billion, a PE ratio of 32.76, a P/E/G ratio of 1.86 and a beta of 0.72. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58. L3Harris Technologies has a twelve month low of $200.18 and a twelve month high of $265.74. The firm has a fifty day simple moving average of $236.03 and a 200 day simple moving average of $233.94.

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

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Monday, November 18th were issued a dividend of $1.16 per share. The ex-dividend date was Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 2.24%. L3Harris Technologies’s payout ratio is presently 73.30%.

Insider Activity

In other L3Harris Technologies news, insider Ross Niebergall sold 1,373 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $210.06, for a total transaction of $288,412.38. Following the completion of the sale, the insider now directly owns 5,049 shares in the company, valued at $1,060,592.94. This represents a 21.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 7,889 shares of company stock worth $1,800,572 in the last 90 days. Company insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

Institutional investors and hedge funds have recently bought and sold shares of the business. Meeder Asset Management Inc. increased its holdings in shares of L3Harris Technologies by 260.6% in the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after purchasing an additional 86 shares in the last quarter. Archer Investment Corp raised its holdings in L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after purchasing an additional 43 shares during the last quarter. Kennebec Savings Bank acquired a new position in L3Harris Technologies during the 3rd quarter valued at about $36,000. Ashton Thomas Private Wealth LLC bought a new position in shares of L3Harris Technologies in the 2nd quarter valued at about $57,000. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of L3Harris Technologies during the 3rd quarter worth approximately $64,000. 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.