L3Harris Technologies' (LHX) "Neutral" Rating Reaffirmed at UBS Group

Key Points

• UBS Group has increased its target price for L3Harris Technologies from $262.00 to $280.00, indicating a potential upside of 4.04% based on the current stock price.
• Despite a positive forecast from UBS, Wells Fargo and other firms have issued mixed ratings, with some reducing their target prices and adjusting their ratings on the stock.
• L3Harris Technologies recently reported earnings per share of $2.78, surpassing analysts' expectations and showing a 2.4% increase in quarterly revenue compared to the previous year.
• Insider trading activity has occurred, with the CEO and another executive selling shares, indicating a decrease in ownership, which could influence investor perception.

L3Harris Technologies (NYSE:LHX - Get Free Report)'s stock had its "neutral" rating restated by investment analysts at UBS Group in a note issued to investors on Friday, Marketbeat.com reports. They currently have a $280.00 target price on the stock, up from their previous target price of $262.00. UBS Group's price objective indicates a potential upside of 2.97% from the company's current price.

A number of other equities analysts also recently commented on the stock. Susquehanna raised their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a "positive" rating in a research note on Friday, July 25th. The Goldman Sachs Group upgraded L3Harris Technologies from a "sell" rating to a "buy" rating and boosted their price objective for the stock from $198.00 to $263.00 in a research note on Friday, April 11th. Wells Fargo & Company dropped their target price on L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Jefferies Financial Group decreased their price target on L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Wall Street Zen lowered shares of L3Harris Technologies from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $279.47.

L3Harris Technologies Stock Performance

Shares of NYSE:LHX opened at $271.93 on Friday. The business has a 50-day moving average of $252.73 and a two-hundred day moving average of $226.63. The firm has a market capitalization of $50.88 billion, a PE ratio of 30.38, a P/E/G ratio of 2.10 and a beta of 0.75. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 0.87. L3Harris Technologies has a 12 month low of $193.09 and a 12 month high of $280.03.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its earnings results 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 firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.31 billion. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company's revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.24 EPS. As a group, research analysts forecast that L3Harris Technologies will post 11.12 earnings per share for the current year.

Insider Transactions at L3Harris Technologies

In other news, insider Edward J. Zoiss sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher E. Kubasik sold 72,000 shares of the stock in a transaction that occurred on 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 $39,472,018.92. The trade was a 33.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,061 shares of company stock worth $28,227,077 in the last three months. 0.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of L3Harris Technologies by 233.9% in the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock worth $901,000 after purchasing an additional 3,001 shares in the last quarter. LPL Financial LLC lifted its position in L3Harris Technologies by 2.6% in the fourth quarter. LPL Financial LLC now owns 226,199 shares of the company's stock worth $47,565,000 after purchasing an additional 5,746 shares during the period. Congress Wealth Management LLC DE raised its stake in shares of L3Harris Technologies by 44.3% in the 4th quarter. Congress Wealth Management LLC DE now owns 1,621 shares of the company's stock worth $341,000 after buying an additional 498 shares in the last quarter. TIAA Trust National Association grew its holdings in L3Harris Technologies by 4.8% during the fourth quarter. TIAA Trust National Association now owns 3,899 shares of the company's stock worth $820,000 after acquiring an additional 177 shares during the period. Finally, Korea Investment CORP boosted its position in shares of L3Harris Technologies by 15.7% during the 4th quarter. Korea Investment CORP now owns 122,015 shares of the company's stock valued at $25,657,000 after purchasing an additional 16,580 shares in the last quarter. Institutional investors own 84.76% of the company's stock.

About L3Harris Technologies

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.