Susquehanna Increases L3Harris Technologies (NYSE:LHX) Price Target to $320.00

Key Points

• Susquehanna raised its price target for L3Harris Technologies from $300.00 to $320.00, indicating a potential upside of 19.96% based on current stock prices.
• Multiple analysts have reaffirmed their positive outlook on L3Harris, with a consensus rating of "Moderate Buy" and a price target average of $268.29.
• Despite the positive assessments, CEO Christopher E. Kubasik recently sold over 33,000 shares, reducing his ownership by 18.51%, raising questions about insider confidence.

L3Harris Technologies (NYSE:LHX - Get Free Report) had its price target hoisted by equities researchers at Susquehanna from $300.00 to $320.00 in a report released on Friday,Benzinga reports. The firm presently has a "positive" rating on the stock. Susquehanna's target price would suggest a potential upside of 19.96% from the stock's current price.

Other equities analysts have also issued reports about the company. Jefferies Financial Group decreased their target price on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Robert W. Baird upped their target price on L3Harris Technologies from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday. UBS Group upped their target price on L3Harris Technologies from $222.00 to $226.00 and gave the stock a "neutral" rating in a research note on Monday, April 28th. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research report on Monday, July 14th. Finally, Citigroup reiterated a "buy" rating and set a $300.00 price objective (up from $280.00) on shares of L3Harris Technologies in a research report on Monday, July 14th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $268.29.

L3Harris Technologies Stock Performance

Shares of LHX opened at $266.76 on Friday. The stock's 50-day simple moving average is $250.37 and its 200 day simple moving average is $225.17. The stock has a market capitalization of $49.87 billion, a price-to-earnings ratio of 31.73, a price-to-earnings-growth ratio of 2.10 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. L3Harris Technologies has a 52-week low of $193.09 and a 52-week high of $280.03.

L3Harris Technologies (NYSE:LHX - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.48 by $0.30. The business had revenue of $5.43 billion for the quarter, compared to analysts' expectations of $5.31 billion. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The firm's quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.24 EPS. Research analysts forecast that L3Harris Technologies will post 11.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Christopher E. Kubasik sold 33,061 shares of L3Harris Technologies stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the sale, the chief executive officer owned 145,572 shares of the company's stock, valued at $36,171,730.56. The trade was a 18.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total value of $490,000.00. Following the completion of the sale, the insider directly owned 25,325 shares of the company's stock, valued at $6,204,625. The trade was a 7.32% decrease in their position. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several large investors have recently made changes to their positions in the business. Apollon Wealth Management LLC lifted its position in shares of L3Harris Technologies by 7.4% in the second quarter. Apollon Wealth Management LLC now owns 20,710 shares of the company's stock valued at $5,195,000 after acquiring an additional 1,426 shares in the last quarter. Trust Co. of Toledo NA OH purchased a new position in shares of L3Harris Technologies in the second quarter valued at about $97,000. Aberdeen Group plc lifted its position in shares of L3Harris Technologies by 29.6% in the second quarter. Aberdeen Group plc now owns 29,787 shares of the company's stock valued at $7,472,000 after acquiring an additional 6,803 shares in the last quarter. Blue Zone Wealth Advisors LLC bought a new stake in shares of L3Harris Technologies in the second quarter worth about $215,000. Finally, Strong Tower Advisory Services increased its holdings in shares of L3Harris Technologies by 2.2% in the second quarter. Strong Tower Advisory Services now owns 13,963 shares of the company's stock worth $3,502,000 after purchasing an additional 300 shares during 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.

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