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

Raymond James cut shares of L3Harris Technologies (NYSE:LHX) from an outperform rating to a market perform rating in a research note published on Thursday morning, MarketBeat Ratings reports.

A number of other equities analysts also recently weighed in on the company. 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. Wolfe Research upgraded 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. StockNews.com raised L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Wells Fargo & Company cut their price target on shares of L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a report on Wednesday, December 11th. Finally, Royal Bank of Canada lifted their price objective on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research report on Monday, October 28th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $267.73.

L3Harris Technologies Stock Up 1.2 %

Shares of NYSE LHX opened at $209.75 on Thursday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The company has a 50-day moving average price of $235.18 and a 200-day moving average price of $233.87. The stock has a market capitalization of $39.78 billion, a P/E ratio of 33.14, a P/E/G ratio of 1.86 and a beta of 0.72. L3Harris Technologies has a 1 year low of $200.18 and a 1 year high of $265.74.

L3Harris Technologies (NYSE:LHX) last released 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. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period in the prior year, the firm posted $3.19 EPS. L3Harris Technologies’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities research analysts forecast that L3Harris Technologies will post 13.09 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 2.21%. L3Harris Technologies’s payout ratio is 73.30%.

Insiders Place Their Bets

In related news, insider Ross Niebergall sold 1,373 shares of the business’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $210.06, for a total transaction of $288,412.38. Following the sale, the insider now directly owns 5,049 shares in the company, valued at approximately $1,060,592.94. The trade was a 21.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 7,889 shares of company stock worth $1,800,572 over the last 90 days. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC increased its holdings in shares of L3Harris Technologies by 0.5% in the third quarter. OneDigital Investment Advisors LLC now owns 7,915 shares of the company’s stock worth $1,883,000 after purchasing an additional 40 shares during the period. Koshinski Asset Management Inc. boosted its position in shares of L3Harris Technologies by 2.7% during the 3rd quarter. Koshinski Asset Management Inc. now owns 1,620 shares of the company’s stock valued at $385,000 after acquiring an additional 42 shares during the last quarter. Blossom Wealth Management grew its holdings in shares of L3Harris Technologies by 1.7% during the third quarter. Blossom Wealth Management now owns 2,538 shares of the company’s stock worth $604,000 after purchasing an additional 43 shares in the last quarter. Nicholas Hoffman & Company LLC. increased its position in shares of L3Harris Technologies by 3.3% in the third quarter. Nicholas Hoffman & Company LLC. now owns 1,353 shares of the company’s stock worth $322,000 after purchasing an additional 43 shares during the last quarter. Finally, Archer Investment Corp raised its stake in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares in the last quarter. 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.