L3Harris Technologies (NYSE:LHX) Stock Rating Upgraded by Sanford C. Bernstein

L3Harris Technologies (NYSE:LHX) was upgraded by equities researchers at Sanford C. Bernstein from a “market perform” rating to an “outperform” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $267.00 target price on the stock, down from their previous target price of $289.00. Sanford C. Bernstein’s target price would suggest a potential upside of 31.42% from the stock’s previous close.

A number of other brokerages also recently weighed in on LHX. Truist Financial raised their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft cut their price objective on L3Harris Technologies from $250.00 to $229.00 and set a “hold” rating on the stock in a research note on Thursday, January 2nd. Wells Fargo & Company cut their price objective on L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 11th. 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. Finally, Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $267.06.

L3Harris Technologies Stock Down 0.6 %

LHX opened at $203.16 on Wednesday. L3Harris Technologies has a fifty-two week low of $200.18 and a fifty-two week high of $265.74. The business has a 50-day moving average of $233.46 and a 200-day moving average of $233.73. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.87. The company has a market capitalization of $38.53 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 1.86 and a beta of 0.75.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results 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. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. During the same period last year, the business earned $3.19 EPS. The business’s quarterly revenue was up 7.7% on a year-over-year basis. Equities research analysts forecast that L3Harris Technologies will post 13.09 EPS for the current fiscal year.

Insider Transactions at L3Harris Technologies

In other news, insider Ross Niebergall sold 1,373 shares of L3Harris Technologies stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $210.06, for a total transaction of $288,412.38. Following the sale, the insider now owns 5,049 shares of the company’s stock, valued at approximately $1,060,592.94. This trade represents a 21.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 7,889 shares of company stock valued at $1,800,572. 0.82% of the stock is owned by corporate insiders.

Institutional Trading of L3Harris Technologies

Several institutional investors have recently modified their holdings of LHX. Victory Capital Management Inc. grew its position in L3Harris Technologies by 15.4% in the second quarter. Victory Capital Management Inc. now owns 125,298 shares of the company’s stock valued at $28,139,000 after acquiring an additional 16,736 shares during the period. Private Advisor Group LLC grew its position in L3Harris Technologies by 6.8% in the second quarter. Private Advisor Group LLC now owns 12,947 shares of the company’s stock valued at $2,908,000 after acquiring an additional 828 shares during the period. Savant Capital LLC grew its position in L3Harris Technologies by 27.5% in the second quarter. Savant Capital LLC now owns 5,200 shares of the company’s stock valued at $1,168,000 after acquiring an additional 1,120 shares during the period. Caprock Group LLC bought a new stake in L3Harris Technologies in the second quarter valued at $260,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in L3Harris Technologies in the second quarter valued at $57,000. Institutional investors and hedge funds 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.