Citigroup Forecasts Strong Price Appreciation for L3Harris Technologies (NYSE:LHX) Stock

L3Harris Technologies (NYSE:LHX - Get Free Report) had its target price increased by investment analysts at Citigroup from $280.00 to $300.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Citigroup's target price indicates a potential upside of 14.40% from the stock's current price.

Several other equities analysts have also commented on the company. Truist Financial upped their target price on L3Harris Technologies from $260.00 to $279.00 and gave the company a "buy" rating in a report on Friday. Jefferies Financial Group decreased their price objective on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a report on Monday, March 31st. UBS Group raised their target price on L3Harris Technologies from $222.00 to $226.00 and gave the company a "neutral" rating in a research report on Monday, April 28th. Susquehanna set a $300.00 target price on L3Harris Technologies and gave the company a "positive" rating in a research note on Monday. Finally, Wall Street Zen raised L3Harris Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $263.81.

L3Harris Technologies Stock Up 1.0%

Shares of NYSE LHX traded up $2.70 during midday trading on Monday, reaching $262.25. 600,681 shares of the company's stock were exchanged, compared to its average volume of 1,448,362. L3Harris Technologies has a 52-week low of $193.09 and a 52-week high of $265.74. The stock has a market capitalization of $49.03 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 2.03 and a beta of 0.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.02. The business's fifty day moving average price is $242.10 and its two-hundred day moving average price is $221.85.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm had revenue of $5.13 billion during the quarter, compared to analyst estimates of $5.29 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. L3Harris Technologies's quarterly revenue was down 1.5% on a year-over-year basis. During the same period in the previous year, the company earned $3.06 earnings per share. Analysts forecast that L3Harris Technologies will post 11.12 EPS for the current year.

Insiders Place Their Bets

In other news, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the transaction, the insider directly owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Christopher E. Kubasik sold 33,061 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total transaction of $8,214,997.28. Following the completion of the transaction, the chief executive officer directly owned 145,572 shares in the company, valued at $36,171,730.56. This trade represents a 18.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several hedge funds have recently bought and sold shares of LHX. Meeder Asset Management Inc. grew its position in shares of L3Harris Technologies by 234.3% in the fourth quarter. Meeder Asset Management Inc. now owns 117 shares of the company's stock valued at $25,000 after purchasing an additional 82 shares during the last quarter. Clearstead Trust LLC acquired a new stake in shares of L3Harris Technologies in the first quarter valued at about $26,000. Millstone Evans Group LLC bought a new stake in shares of L3Harris Technologies in the fourth quarter valued at about $26,000. Nova Wealth Management Inc. bought a new stake in shares of L3Harris Technologies in the first quarter valued at about $26,000. Finally, Beacon Capital Management LLC lifted its stake in shares of L3Harris Technologies by 79.5% in the first quarter. Beacon Capital Management LLC now owns 131 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the period. 84.76% of the stock is owned by institutional investors and hedge funds.

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.

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