L3Harris (NYSE:LHX) had its target price raised by equities researchers at Buckingham Research from $197.00 to $237.00 in a research note issued on Thursday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the stock. Buckingham Research’s price target points to a potential upside of 12.21% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the company. Credit Suisse Group raised their price objective on L3Harris from $220.00 to $236.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Vertical Research initiated coverage on L3Harris in a report on Wednesday, July 3rd. They set a “buy” rating and a $204.70 price objective on the stock. ValuEngine downgraded L3Harris from a “buy” rating to a “hold” rating in a report on Tuesday. SunTrust Banks raised their price objective on L3Harris to $232.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised their price objective on L3Harris from $210.00 to $235.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. L3Harris presently has an average rating of “Buy” and an average price target of $235.41.
Shares of LHX traded up $3.75 during midday trading on Thursday, hitting $211.21. The company’s stock had a trading volume of 19,572 shares, compared to its average volume of 1,464,643. L3Harris has a one year low of $123.24 and a one year high of $211.82. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.15 and a current ratio of 1.42. The firm has a market cap of $24.51 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 2.80 and a beta of 0.95.
L3Harris (NYSE:LHX) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $2.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.30 by $0.14. L3Harris had a return on equity of 29.27% and a net margin of 13.95%. The company had revenue of $1.87 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same quarter last year, the company posted $1.78 EPS. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, research analysts forecast that L3Harris will post 9 EPS for the current fiscal year.
In other news, Director Lewis Hay III acquired 9,800 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $203.34 per share, with a total value of $1,992,732.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.51% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC acquired a new position in L3Harris during the 2nd quarter worth about $25,000. Dougherty Wealth Advisers LLC acquired a new position in L3Harris during the 2nd quarter worth about $31,000. Financial Gravity Wealth Inc. acquired a new position in L3Harris during the 2nd quarter worth about $74,000. Parallel Advisors LLC acquired a new position in L3Harris during the 2nd quarter worth about $100,000. Finally, Municipal Employees Retirement System of Michigan acquired a new position in L3Harris during the 2nd quarter worth about $306,000. 95.82% of the stock is currently owned by institutional investors.
L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.
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