L3Harris Technologies (NYSE:LHX) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• L3Harris Technologies has been downgraded from a "buy" rating to a "hold" rating by analysts at Wall Street Zen.
• Despite the downgrade, other analysts have set price targets ranging from $242 to $323, with a consensus target price of $279.47 reflecting an average rating of "Moderate Buy."
• Insider sales have occurred recently, with CEO Christopher E. Kubasik selling 72,000 shares valued at over $19 million, indicating a significant decrease in their ownership position.

L3Harris Technologies (NYSE:LHX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday.

A number of other equities research analysts have also weighed in on LHX. Citigroup lifted their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Barclays upped their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 29th. Wells Fargo & Company dropped their target price on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and raised their price target for the company from $198.00 to $263.00 in a report on Friday, April 11th. Finally, Royal Bank Of Canada raised their price target on shares of L3Harris Technologies from $265.00 to $280.00 and gave the stock a "sector perform" rating in a research report on Friday, July 25th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, L3Harris Technologies presently has an average rating of "Moderate Buy" and a consensus target price of $279.47.

L3Harris Technologies Trading Down 0.1%

L3Harris Technologies stock opened at $277.96 on Tuesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The business's 50-day simple moving average is $255.87 and its 200-day simple moving average is $228.40. The firm has a market capitalization of $52.01 billion, a PE ratio of 31.06, a PEG ratio of 2.03 and a beta of 0.77. L3Harris Technologies has a 52 week low of $193.09 and a 52 week high of $280.48.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.48 by $0.30. The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. L3Harris Technologies had a return on equity of 11.82% and a net margin of 7.94%. The firm's revenue was up 2.4% on a year-over-year basis. During the same period last year, the company earned $3.24 EPS. Equities research analysts forecast that L3Harris Technologies will post 11.12 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Edward J. Zoiss sold 2,000 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of the transaction, the insider owned 25,325 shares of the company's stock, valued at approximately $6,204,625. The trade was a 7.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Christopher E. Kubasik sold 72,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $271.14, for a total value of $19,522,080.00. Following the sale, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,472,018.92. The trade was a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,061 shares of company stock valued at $28,227,077 in the last 90 days. Company insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On L3Harris Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cyndeo Wealth Partners LLC boosted its holdings in L3Harris Technologies by 2.7% in the second quarter. Cyndeo Wealth Partners LLC now owns 1,396 shares of the company's stock worth $350,000 after acquiring an additional 37 shares in the last quarter. Independence Bank of Kentucky boosted its stake in shares of L3Harris Technologies by 44.4% in the 2nd quarter. Independence Bank of Kentucky now owns 130 shares of the company's stock worth $33,000 after buying an additional 40 shares during the last quarter. DB Fitzpatrick & Co Inc grew its position in L3Harris Technologies by 1.0% in the second quarter. DB Fitzpatrick & Co Inc now owns 4,450 shares of the company's stock worth $1,116,000 after acquiring an additional 42 shares in the last quarter. Riverbend Wealth Management LLC raised its stake in shares of L3Harris Technologies by 4.3% during the second quarter. Riverbend Wealth Management LLC now owns 1,027 shares of the company's stock valued at $258,000 after acquiring an additional 42 shares in the last quarter. Finally, Klingman & Associates LLC increased its position in shares of L3Harris Technologies by 2.2% during the second quarter. Klingman & Associates LLC now owns 1,986 shares of the company's stock worth $498,000 after purchasing an additional 42 shares in the last quarter. 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.

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