L3Harris Technologies (NYSE: LHX – Get Note) was downgraded by TheStreet from a “b” rating to a “c” rating in a report released Thursday, reports TheStreetRatingsTable.
A number of other research analysts have also recently published reports on LHX. Wells Fargo & Company downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and set a price target of $238.00 for the stock. in a research report Wednesday. Royal Bank of Canada began covering shares of L3Harris Technologies in a research report on Monday, August 29. They issued an “outperform” rating and a price target of $285.00 on the stock. Four equity research analysts gave the stock a hold rating and six gave the company a buy rating. According to data from MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and a consensus price target of $268.70.
L3Harris Technologies is trading down 0.7%
NYSE LHX opened at $207.83 on Thursday. The company has a debt ratio of 0.35, a quick ratio of 1.01 and a current ratio of 1.27. The company has a market capitalization of $39.77 billion, a price-to-earnings ratio of 21.40, a growth price-to-earnings ratio of 4.69 and a beta of 0.68. The company’s 50-day simple moving average is $230.64 and its two-hundred-day simple moving average is $237.30. L3Harris Technologies has a 1-year low of $200.71 and a 1-year high of $279.71.
L3Harris Technologies (NYSE:LHX – Get Rating) last reported results on Thursday, July 28. The company reported EPS of $3.23 for the quarter, beating consensus analyst estimates of $3.16 by $0.07. L3Harris Technologies achieved a net margin of 11.36% and a return on equity of 13.09%. The company posted revenue of $4.14 billion for the quarter, versus a consensus estimate of $4.23 billion. During the same quarter last year, the company posted EPS of $3.26. The company’s revenue for the quarter was down 11.4% year over year. Equity analysts expect L3Harris Technologies to post EPS of 13.45 for the current fiscal year.
Insider Buying and Selling at L3Harris Technologies
In other news from L3Harris Technologies, Vice President James P. Girard sold 7,500 shares of L3Harris Technologies in a trade that took place on Monday August 15th. The shares were sold at an average price of $240.00, for a total transaction of $1,800,000.00. Following the completion of the sale, the vice president now directly owns 12,143 shares of the company, valued at approximately $2,914,320. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink. Separately, SVP Scott T. Mikuen sold 8,518 shares of the company in a trade on Friday, August 19. The shares were sold at an average price of $237.95, for a total value of $2,026,858.10. Following completion of the transaction, the Senior Vice President now directly owns 44,735 shares of the company, valued at approximately $10,644,693.25. The transaction was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. Additionally, Vice Chairman James P. Girard sold 7,500 shares of the company in a trade on Monday, August 15. The shares were sold at an average price of $240.00, for a total transaction of $1,800,000.00. Following the completion of the transaction, the vice president now owns 12,143 shares of the company, valued at $2,914,320. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 23,518 shares of the company worth $5,626,858. Insiders of the company hold 1.00% of the shares of the company.
Institutional investors weigh in on L3Harris Technologies
Institutional investors and hedge funds have recently increased or reduced their stakes in the stock. Checchi Capital Advisers LLC increased its stake in L3Harris Technologies by 13.8% in Q1. Checchi Capital Advisers LLC now owns 1,820 shares of the company worth $452,000 after acquiring 220 additional shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings of L3Harris Technologies shares by 15.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,105 shares of the company worth $6,487,000 after purchasing an additional 3,572 shares last quarter. Coastal Investment Advisors Inc. increased its holdings of L3Harris Technologies shares by 29.9% in the first quarter. Coastal Investment Advisors Inc. now owns 1,225 shares of the company worth $304,000 after purchasing an additional 282 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings of L3Harris Technologies shares by 4.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 199,390 shares of the company worth $49,552,000 after purchasing an additional 8,398 shares last quarter. Finally, Sound Income Strategies LLC increased its holdings of L3Harris Technologies shares by 333.3% during the second quarter. Sound Income Strategies LLC now owns 156 shares of the company worth $38,000 after purchasing an additional 120 shares in the last quarter. Hedge funds and other institutional investors own 83.00% of the company’s shares.
About L3Harris Technologies
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L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The Company’s Integrated Mission Systems segment provides multi-mission intelligence, surveillance and reconnaissance (ISR) systems; and communications systems, as well as fleet management support, sensor development, modification and periodic depot maintenance services for ISR and airborne missions.
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