JPMorgan Chase & Co. Cuts L3Harris Technologies (NYSE:LHX) Price Target to $255.00

L3Harris Technologies (NYSE:LHX) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $265.00 to $255.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 20.46% from the stock’s current price.

A number of other research analysts have also recently commented on LHX. Sanford C. Bernstein raised L3Harris Technologies from a “market perform” rating to an “outperform” rating and cut their target price for the company from $289.00 to $267.00 in a research note on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft dropped their price objective on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a research note on Thursday, January 2nd. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $240.00 to $300.00 in a research report on Thursday, October 31st. Barclays lowered their price objective on L3Harris Technologies from $290.00 to $255.00 and set an “overweight” rating for the company in a research report on Monday, January 6th. Finally, Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price objective for the company in a research report on Tuesday, November 26th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $265.87.

L3Harris Technologies Stock Performance

NYSE LHX traded down $0.37 on Friday, hitting $211.69. 584,925 shares of the company traded hands, compared to its average volume of 1,218,863. The company has a market capitalization of $40.15 billion, a price-to-earnings ratio of 33.43, a P/E/G ratio of 1.69 and a beta of 0.75. The company has a current ratio of 1.04, a quick ratio of 0.87 and a debt-to-equity ratio of 0.58. The business’s 50 day moving average price is $221.23 and its 200-day moving average price is $232.43. L3Harris Technologies has a 52-week low of $200.18 and a 52-week high of $265.74.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, January 30th. The company reported $3.47 EPS for the quarter, topping analysts’ consensus estimates of $3.43 by $0.04. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. Equities analysts expect that L3Harris Technologies will post 13.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the transaction, the insider now directly owns 10,340 shares in the company, valued at $2,563,596.20. The trade was a 22.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders sold 7,889 shares of company stock worth $1,800,572. Corporate insiders own 0.82% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Archer Investment Corp increased its position in shares of L3Harris Technologies by 48.9% during the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock worth $31,000 after acquiring an additional 43 shares during the period. Roxbury Financial LLC acquired a new position in L3Harris Technologies in the fourth quarter valued at $30,000. Kennebec Savings Bank acquired a new position in L3Harris Technologies in the third quarter valued at $36,000. Union Bancaire Privee UBP SA acquired a new stake in shares of L3Harris Technologies during the fourth quarter worth about $33,000. Finally, New Millennium Group LLC boosted its stake in shares of L3Harris Technologies by 776.2% during the fourth quarter. New Millennium Group LLC now owns 184 shares of the company’s stock worth $39,000 after buying an additional 163 shares during the period. 84.76% of the stock is currently owned by institutional investors and hedge funds.

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.