Zacks Investment Research upgraded shares of L3Harris (NYSE:LHX) from a hold rating to a buy rating in a research report released on Friday, Zacks.com reports. They currently have $232.00 price objective on the stock.
According to Zacks, “L3Harris Technologies Inc. is an agile aerospace and defense technology innovator, delivering end-to-end solutions. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris Technologies Inc., formerly known as Harris Corporation, is based in Melbourne, United States. “
Several other brokerages have also issued reports on LHX. Morgan Stanley began coverage on L3Harris in a research note on Tuesday, August 6th. They set an overweight rating and a $259.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on L3Harris from $210.00 to $235.00 and gave the company an overweight rating in a research note on Thursday, August 1st. Credit Suisse Group boosted their price target on L3Harris from $220.00 to $236.00 and gave the company an outperform rating in a research note on Thursday, August 1st. Barclays set a $265.00 price target on L3Harris and gave the company a buy rating in a research note on Friday, August 2nd. Finally, UBS Group boosted their price target on L3Harris from $200.00 to $210.00 and gave the company a neutral rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $235.07.
L3Harris (NYSE:LHX) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.14. L3Harris had a return on equity of 29.27% and a net margin of 13.95%. The business had revenue of $1.87 billion for the quarter, compared to analyst estimates of $4.31 billion. During the same period in the previous year, the company posted $1.78 earnings per share. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis.
In other news, Director Lewis Hay III purchased 9,800 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $203.34 per share, for a total transaction of $1,992,732.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.51% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in LHX. Lindbrook Capital LLC bought a new stake in shares of L3Harris in the 2nd quarter valued at approximately $25,000. Dougherty Wealth Advisers LLC acquired a new position in shares of L3Harris in the 2nd quarter worth approximately $31,000. Financial Gravity Wealth Inc. acquired a new position in shares of L3Harris in the 2nd quarter worth approximately $74,000. Parallel Advisors LLC acquired a new position in shares of L3Harris in the 2nd quarter worth approximately $100,000. Finally, Nicholas Hoffman & Company LLC. acquired a new position in shares of L3Harris in the 2nd quarter worth approximately $228,000. Institutional investors own 95.82% of the company’s stock.
L3Harris Company Profile
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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