L3Harris Technologies (NYSE:LHX) Upgraded to “Buy” at Argus

L3Harris Technologies (NYSE:LHX) was upgraded by analysts at Argus from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage presently has a $300.00 price objective on the stock. Argus’ price objective points to a potential upside of 24.67% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company upped their price target on shares of L3Harris Technologies from $260.00 to $295.00 and gave the company an “overweight” rating in a report on Monday, October 28th. Bank of America upgraded L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $240.00 to $300.00 in a report on Thursday, October 31st. Truist Financial increased their price objective on L3Harris Technologies from $293.00 to $300.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $275.00 to $257.00 in a research note on Friday, August 9th. Finally, StockNews.com raised shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.67.

L3Harris Technologies Stock Down 3.0 %

Shares of NYSE:LHX opened at $240.64 on Tuesday. The company has a 50 day moving average price of $245.04 and a two-hundred day moving average price of $233.54. The company has a market capitalization of $45.64 billion, a PE ratio of 38.02, a PEG ratio of 2.07 and a beta of 0.72. L3Harris Technologies has a 52 week low of $187.37 and a 52 week high of $265.74. 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 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 return on equity of 13.11% and a net margin of 5.71%. The firm had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the previous year, the company posted $3.19 earnings per share. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. Analysts forecast that L3Harris Technologies will post 13.09 earnings per share for the current year.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the transaction, the insider now directly owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. This trade represents a 18.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 8,964 shares of company stock worth $2,179,119 over the last quarter. Company insiders own 0.87% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. grew its position in L3Harris Technologies by 260.6% during the second quarter. Meeder Asset Management Inc. now owns 119 shares of the company’s stock worth $27,000 after buying an additional 86 shares in the last quarter. Archer Investment Corp raised its stake 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 in the last quarter. Kennebec Savings Bank bought a new stake in L3Harris Technologies during the third quarter worth about $36,000. EntryPoint Capital LLC grew its stake in 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 buying an additional 69 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in L3Harris Technologies by 77.7% in the 2nd quarter. Versant Capital Management Inc now owns 183 shares of the company’s stock valued at $41,000 after buying an additional 80 shares during the period. 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.