Wells Fargo & Company Has Lowered Expectations for L3Harris Technologies (NYSE:LHX) Stock Price

L3Harris Technologies (NYSE:LHX) had its price target reduced by Wells Fargo & Company from $295.00 to $287.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 25.46% from the company’s current price.

LHX has been the subject of a number of other reports. Royal Bank of Canada raised 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 note on Monday, October 28th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Citigroup raised their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Finally, Bank of America raised shares of 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 note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.13.

L3Harris Technologies Price Performance

L3Harris Technologies stock traded down $1.93 during mid-day trading on Wednesday, reaching $228.75. The company had a trading volume of 87,551 shares, compared to its average volume of 906,461. L3Harris Technologies has a 1 year low of $198.22 and a 1 year high of $265.74. 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 market capitalization of $43.39 billion, a P/E ratio of 36.06, a P/E/G ratio of 1.96 and a beta of 0.72. The stock’s 50-day simple moving average is $246.53 and its 200-day simple moving average is $234.82.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the company posted $3.19 earnings per share. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. On average, equities analysts predict that L3Harris Technologies will post 13.09 EPS for the current year.

Insider Buying and Selling at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the transaction, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. The trade was a 18.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.82% of the stock is owned by company insiders.

Hedge Funds Weigh In On L3Harris Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 260.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after acquiring an additional 86 shares in the last quarter. Archer Investment Corp lifted its holdings in shares of L3Harris Technologies by 48.9% during the 3rd quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after acquiring an additional 43 shares in the last quarter. Kennebec Savings Bank acquired a new position in shares of L3Harris Technologies during the 3rd quarter valued at $36,000. Family Firm Inc. purchased a new stake in L3Harris Technologies during the 2nd quarter worth $45,000. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in L3Harris Technologies during the 2nd quarter worth $57,000. Institutional investors and hedge funds 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.