L3Harris Technologies (NYSE:LHX) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded L3Harris from "hold" to buy, and the stock's overall analyst consensus is a "Moderate Buy" with a consensus price target of $349.55.
• The company beat EPS estimates ($2.86 vs. $2.76) but missed revenue expectations ($5.65B vs. $5.76B); revenue was up 2.3% year-over-year and analysts project $11.12 in EPS for the year.
• Insiders sold 19,025 shares (~$6.82M) over the past three months (insiders own 0.72%), while hedge funds and other institutions hold approximately 84.76% of the stock.

L3Harris Technologies (NYSE:LHX - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

A number of other brokerages have also issued reports on LHX. Vertical Research reissued a "buy" rating and set a $355.00 target price on shares of L3Harris Technologies in a research note on Tuesday, January 13th. Weiss Ratings raised shares of L3Harris Technologies from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, December 29th. TD Cowen reissued a "buy" rating on shares of L3Harris Technologies in a research note on Monday, January 5th. Royal Bank Of Canada boosted their target price on shares of L3Harris Technologies from $360.00 to $365.00 and gave the company a "sector perform" rating in a research note on Friday, January 30th. Finally, Wolfe Research reissued an "outperform" rating on shares of L3Harris Technologies in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $349.55.

L3Harris Technologies Trading Down 1.2%

LHX stock opened at $353.61 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.19 and a debt-to-equity ratio of 0.53. L3Harris Technologies has a twelve month low of $208.11 and a twelve month high of $379.23. The stock has a market capitalization of $66.05 billion, a price-to-earnings ratio of 41.45, a price-to-earnings-growth ratio of 2.58 and a beta of 0.62. The firm's fifty day simple moving average is $354.54 and its two-hundred day simple moving average is $319.34.

L3Harris Technologies (NYSE:LHX - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share for the quarter, beating analysts' consensus estimates of $2.76 by $0.10. The business had revenue of $5.65 billion for the quarter, compared to analysts' expectations of $5.76 billion. L3Harris Technologies had a net margin of 7.35% and a return on equity of 10.43%. The business's revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.47 earnings per share. As a group, analysts anticipate that L3Harris Technologies will post 11.12 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Melanie Rakita sold 751 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $278,110.32. Following the transaction, the vice president directly owned 4,131 shares of the company's stock, valued at $1,529,791.92. This trade represents a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jon Rambeau sold 5,528 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $370.32, for a total transaction of $2,047,128.96. Following the transaction, the insider directly owned 7,660 shares in the company, valued at approximately $2,836,651.20. The trade was a 41.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 19,025 shares of company stock valued at $6,824,370 over the last three months. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On L3Harris Technologies

Several institutional investors have recently bought and sold shares of LHX. Fideuram Asset Management Ireland dac purchased a new position in L3Harris Technologies during the fourth quarter valued at approximately $25,000. University of Texas Texas AM Investment Management Co. purchased a new position in L3Harris Technologies during the fourth quarter valued at approximately $25,000. Motiv8 Investments LLC purchased a new position in L3Harris Technologies during the fourth quarter valued at approximately $25,000. Caitlin John LLC purchased a new stake in shares of L3Harris Technologies during the third quarter valued at about $28,000. Finally, American National Bank & Trust lifted its position in shares of L3Harris Technologies by 44.8% during the fourth quarter. American National Bank & Trust now owns 97 shares of the company's stock valued at $28,000 after buying an additional 30 shares during the last quarter. 84.76% of the stock is owned by hedge funds and other institutional investors.

L3Harris Technologies Company Profile

L3Harris Technologies NYSE: LHX is an American aerospace and defense company formed in 2019 through the combination of L3 Technologies and Harris Corporation. Headquartered in Melbourne, Florida, the company designs, manufactures and supports a broad range of technology solutions for government and commercial customers, with a particular emphasis on defense, intelligence and public safety applications.

The company's offerings span communications systems, avionics, electronic warfare, intelligence, surveillance and reconnaissance (ISR) sensors, space systems and mission integration.

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