Royal Bank Of Canada Increases L3Harris Technologies (NYSE:LHX) Price Target to $280.00

Key Points

• Royal Bank of Canada has raised its price target for L3Harris Technologies from $265.00 to $280.00, indicating a potential upside of 4.23%.
• Goldman Sachs upgraded L3Harris from a "sell" rating to a "buy" rating with a new price objective of $263.00.
• L3Harris reported $2.78 earnings per share for the last quarter, surpassing analysts' estimates of $2.48.
• Insider selling has occurred, with CEO Christopher E. Kubasik selling over 33,000 shares at approximately $248.48 per share.

L3Harris Technologies (NYSE:LHX - Get Free Report) had its price objective raised by analysts at Royal Bank Of Canada from $265.00 to $280.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "sector perform" rating on the stock. Royal Bank Of Canada's price objective indicates a potential upside of 4.06% from the company's current price.

LHX has been the topic of a number of other reports. Citigroup restated a "buy" rating and set a $300.00 target price (up from $280.00) on shares of L3Harris Technologies in a research note on Monday, July 14th. The Goldman Sachs Group upgraded shares of L3Harris Technologies from a "sell" rating to a "buy" rating and upped their target price for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. Sanford C. Bernstein restated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Truist Financial raised their price objective on shares of L3Harris Technologies from $260.00 to $279.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Jefferies Financial Group reduced their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, L3Harris Technologies has a consensus rating of "Moderate Buy" and an average price target of $276.53.

L3Harris Technologies Stock Down 1.5%

Shares of LHX traded down $4.15 during mid-day trading on Friday, hitting $269.07. 1,965,092 shares of the company's stock were exchanged, compared to its average volume of 1,267,688. The stock's 50-day moving average is $251.14 and its 200-day moving average is $225.75. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.04. L3Harris Technologies has a fifty-two week low of $193.09 and a fifty-two week high of $280.03. The company has a market cap of $50.30 billion, a price-to-earnings ratio of 30.06, a P/E/G ratio of 2.09 and a beta of 0.75.

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

Insiders Place Their Bets

In related news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies 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 in the company, valued at $6,204,625. This trade represents a 7.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Christopher E. Kubasik sold 33,061 shares of the business'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 sale, the chief executive officer owned 145,572 shares in the company, valued at $36,171,730.56. The trade was a 18.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On L3Harris Technologies

Institutional investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. boosted its position in shares of L3Harris Technologies by 5.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 4,425 shares of the company's stock worth $926,000 after buying an additional 216 shares in the last quarter. BankPlus Wealth Management LLC boosted its position in shares of L3Harris Technologies by 6.0% in the 1st quarter. BankPlus Wealth Management LLC now owns 2,061 shares of the company's stock worth $432,000 after buying an additional 117 shares in the last quarter. D. E. Shaw & Co. Inc. boosted its position in shares of L3Harris Technologies by 21.2% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 7,077 shares of the company's stock worth $1,488,000 after buying an additional 1,236 shares in the last quarter. Brighton Jones LLC boosted its position in shares of L3Harris Technologies by 233.9% in the 4th quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after buying an additional 3,001 shares in the last quarter. Finally, Capital Analysts LLC boosted its position in shares of L3Harris Technologies by 4.2% in the 4th quarter. Capital Analysts LLC now owns 44,510 shares of the company's stock worth $9,360,000 after buying an additional 1,808 shares in the last quarter. 84.76% of the stock is currently owned by hedge funds and other institutional investors.

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.