L3Harris Technologies (NYSE:LHX) Rating Increased to Buy at Bank of America

L3Harris Technologies (NYSE:LHX) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a report released on Thursday, FinViz reports. The brokerage currently has a $300.00 price objective on the stock. Bank of America‘s target price suggests a potential upside of 22.18% from the stock’s current price.

Several other analysts also recently commented on the stock. Truist Financial raised their price objective on shares of L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Wells Fargo & Company raised their price objective on shares of L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a research report on Monday. StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Barclays raised their price objective on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and an average target price of $264.07.

L3Harris Technologies Stock Up 0.2 %

LHX opened at $245.54 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. L3Harris Technologies has a 1-year low of $176.15 and a 1-year high of $258.89. The company has a market capitalization of $46.58 billion, a PE ratio of 39.86, a PEG ratio of 2.10 and a beta of 0.73. The firm’s 50 day simple moving average is $238.05 and its two-hundred day simple moving average is $228.24.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period last year, the firm earned $3.19 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. As a group, equities analysts forecast that L3Harris Technologies will post 13.06 EPS for the current year.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the completion of the transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.82% of the company’s stock.

Institutional Investors Weigh In On L3Harris Technologies

Several institutional investors have recently made changes to their positions in LHX. Vanguard Group Inc. lifted its holdings in shares of L3Harris Technologies by 12.9% in the 1st quarter. Vanguard Group Inc. now owns 22,792,779 shares of the company’s stock worth $4,857,141,000 after acquiring an additional 2,606,267 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of L3Harris Technologies in the 2nd quarter worth about $210,886,000. Envestnet Asset Management Inc. lifted its holdings in shares of L3Harris Technologies by 236.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock worth $222,186,000 after acquiring an additional 695,582 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of L3Harris Technologies by 19.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,174,181 shares of the company’s stock worth $712,858,000 after acquiring an additional 523,315 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in L3Harris Technologies by 65.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock valued at $97,532,000 after buying an additional 171,420 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

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.