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 report released on Wednesday, MarketBeat reports. The firm presently has a $267.00 price objective on the stock, down from their prior price objective of $289.00. Sanford C. Bernstein’s price target indicates a potential upside of 31.42% from the company’s previous close.

Several other equities analysts have also issued reports on LHX. Citigroup upped their price target on L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Argus raised L3Harris Technologies from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a research note on Tuesday, November 26th. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and upped their price target for the company from $240.00 to $300.00 in a research note on Thursday, October 31st. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research note on Thursday, October 10th. Finally, Truist Financial increased their target price on L3Harris Technologies from $293.00 to $300.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $267.06.

L3Harris Technologies Price Performance

Shares of LHX stock opened at $203.16 on Wednesday. The stock’s fifty day moving average is $233.46 and its 200-day moving average is $233.73. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.87 and a current ratio of 1.04. The stock has a market capitalization of $38.53 billion, a PE ratio of 32.09, a PEG ratio of 1.86 and a beta of 0.75. L3Harris Technologies has a 52 week low of $200.18 and a 52 week high of $265.74.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, October 24th. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $5.28 billion. L3Harris Technologies had a return on equity of 13.11% and a net margin of 5.71%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.19 earnings per share. Equities research analysts expect that L3Harris Technologies will post 13.09 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Ross Niebergall sold 1,764 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $223.62, for a total transaction of $394,465.68. Following the completion of the transaction, the insider now directly owns 8,576 shares in the company, valued at approximately $1,917,765.12. This trade represents a 17.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 7,889 shares of company stock worth $1,800,572 over the last ninety days. 0.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LHX. Envestnet Asset Management Inc. grew its stake in L3Harris Technologies by 236.8% in the second quarter. Envestnet Asset Management Inc. now owns 989,340 shares of the company’s stock valued at $222,186,000 after purchasing an additional 695,582 shares in the last quarter. JPMorgan Chase & Co. grew its stake in L3Harris Technologies by 29.9% in the third quarter. JPMorgan Chase & Co. now owns 774,560 shares of the company’s stock valued at $184,245,000 after purchasing an additional 178,407 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in L3Harris Technologies by 65.2% in the second quarter. The Manufacturers Life Insurance Company now owns 434,287 shares of the company’s stock valued at $97,532,000 after purchasing an additional 171,420 shares in the last quarter. International Assets Investment Management LLC grew its stake in L3Harris Technologies by 23,627.0% in the third quarter. International Assets Investment Management LLC now owns 170,597 shares of the company’s stock valued at $40,580,000 after purchasing an additional 169,878 shares in the last quarter. Finally, Mizuho Markets Americas LLC grew its stake in L3Harris Technologies by 25.3% in the third quarter. Mizuho Markets Americas LLC now owns 822,736 shares of the company’s stock valued at $195,704,000 after purchasing an additional 166,262 shares in the last quarter. 84.76% of the stock is currently owned by institutional investors.

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.