L3Harris Technologies (NYSE:LHX) Stock Rating Upgraded by Argus

L3Harris Technologies (NYSE:LHX) was upgraded by Argus from a “hold” rating to a “buy” rating in a research note issued on Tuesday, MarketBeat Ratings reports. The firm presently has a $300.00 price target on the stock. Argus’ price objective would indicate a potential upside of 22.32% from the stock’s previous close.

Several other brokerages have also recently issued reports on LHX. Truist Financial boosted their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Morgan Stanley cut shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Wells Fargo & Company lifted their price objective on L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research note on Thursday, October 10th. Finally, Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and raised their price objective for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $269.67.

L3Harris Technologies Price Performance

Shares of LHX opened at $245.26 on Tuesday. The company has a market capitalization of $46.52 billion, a price-to-earnings ratio of 38.75, a price-to-earnings-growth ratio of 2.01 and a beta of 0.72. L3Harris Technologies has a fifty-two week low of $187.68 and a fifty-two week high of $265.74. The firm has a 50-day simple moving average of $245.66 and a 200-day simple moving average of $233.80. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the firm earned $3.19 EPS. On average, equities research analysts anticipate that L3Harris Technologies will post 13.09 earnings per share for the current year.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the transaction, the insider now owns 13,328 shares in the company, valued at approximately $3,261,095.04. This trade represents a 18.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 8,964 shares of company stock valued at $2,179,119 in the last 90 days. 0.82% of the stock is currently owned by insiders.

Hedge Funds Weigh In On L3Harris Technologies

A number of large investors have recently modified their holdings of the company. Meeder Asset Management Inc. raised its stake in shares of L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock valued at $27,000 after acquiring an additional 86 shares during the period. Archer Investment Corp raised its position in L3Harris Technologies by 48.9% in the third quarter. Archer Investment Corp now owns 131 shares of the company’s stock valued at $31,000 after purchasing an additional 43 shares during the period. Kennebec Savings Bank acquired a new position in shares of L3Harris Technologies during the third quarter worth about $36,000. EntryPoint Capital LLC lifted its stake in shares of L3Harris Technologies by 70.4% during the first quarter. EntryPoint Capital LLC now owns 167 shares of the company’s stock worth $36,000 after purchasing an additional 69 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of L3Harris Technologies by 77.7% in the second quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock worth $41,000 after buying an additional 80 shares during the period. 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.