Robert W. Baird Issues Positive Forecast for L3Harris Technologies (NYSE:LHX) Stock Price

Key Points

• Robert W. Baird has raised the price target for L3Harris Technologies from $274.00 to $320.00, indicating a potential upside of 17.31% based on recent closing prices.
• Analysts have generally given L3Harris Technologies a consensus rating of "Moderate Buy", with six analysts rating it as a hold and thirteen as a buy.
• The company's recent earnings report showed a quarterly EPS of $2.78, exceeding analysts' expectations, with a revenue of $5.43 billion for the quarter, representing a 2.4% year-over-year increase.

L3Harris Technologies (NYSE:LHX - Get Free Report) had its price target boosted by research analysts at Robert W. Baird from $274.00 to $320.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Robert W. Baird's target price points to a potential upside of 17.31% from the stock's previous close.

A number of other equities research analysts have also issued reports on the company. Sanford C. Bernstein reiterated an "outperform" rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Citigroup reissued a "buy" rating and set a $300.00 price objective (up previously from $280.00) on shares of L3Harris Technologies in a report on Monday, July 14th. Jefferies Financial Group dropped their price objective on shares of L3Harris Technologies from $260.00 to $250.00 and set a "buy" rating for the company in a report on Monday, March 31st. UBS Group increased their price objective on shares of L3Harris Technologies from $222.00 to $226.00 and gave the company a "neutral" rating in a report on Monday, April 28th. Finally, Wells Fargo & Company dropped their price objective on shares of L3Harris Technologies from $268.00 to $242.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, L3Harris Technologies has a consensus rating of "Moderate Buy" and a consensus price target of $267.12.

L3Harris Technologies Stock Performance

LHX opened at $272.78 on Friday. The stock has a market cap of $51.00 billion, a price-to-earnings ratio of 32.36, a PEG ratio of 2.10 and a beta of 0.75. The business has a 50 day moving average of $250.37 and a 200-day moving average of $225.17. The company has a quick ratio of 0.85, a current ratio of 1.02 and a debt-to-equity ratio of 0.57. L3Harris Technologies has a 12-month low of $193.09 and a 12-month high of $280.03.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.78 EPS for the quarter, beating the consensus estimate of $2.48 by $0.30. L3Harris Technologies had a return on equity of 12.38% and a net margin of 7.55%. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.31 billion. During the same quarter in the prior year, the company earned $3.24 EPS. The firm's revenue for the quarter was up 2.4% compared to the same quarter last year. On average, equities research analysts expect that L3Harris Technologies will post 11.12 earnings per share for the current year.

Insider Transactions at L3Harris Technologies

In related news, insider Edward J. Zoiss sold 2,000 shares of the firm's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $245.00, for a total transaction of $490,000.00. Following the transaction, the insider directly owned 25,325 shares of the company's stock, valued at approximately $6,204,625. This trade represents a 7.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Christopher E. Kubasik sold 33,061 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $248.48, for a total value of $8,214,997.28. Following the completion of the sale, the chief executive officer owned 145,572 shares in the company, valued at approximately $36,171,730.56. This represents a 18.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.72% of the company's stock.

Institutional Trading of L3Harris Technologies

A number of hedge funds have recently bought and sold shares of LHX. Brighton Jones LLC raised its position in L3Harris Technologies by 233.9% during the fourth quarter. Brighton Jones LLC now owns 4,284 shares of the company's stock valued at $901,000 after purchasing an additional 3,001 shares during the period. LPL Financial LLC lifted its stake in shares of L3Harris Technologies by 2.6% during the 4th quarter. LPL Financial LLC now owns 226,199 shares of the company's stock worth $47,565,000 after acquiring an additional 5,746 shares during the last quarter. Congress Wealth Management LLC DE lifted its stake in shares of L3Harris Technologies by 44.3% during the 4th quarter. Congress Wealth Management LLC DE now owns 1,621 shares of the company's stock worth $341,000 after acquiring an additional 498 shares during the last quarter. TIAA Trust National Association lifted its stake in shares of L3Harris Technologies by 4.8% during the 4th quarter. TIAA Trust National Association now owns 3,899 shares of the company's stock worth $820,000 after acquiring an additional 177 shares during the last quarter. Finally, Korea Investment CORP lifted its stake in shares of L3Harris Technologies by 15.7% during the 4th quarter. Korea Investment CORP now owns 122,015 shares of the company's stock worth $25,657,000 after acquiring an additional 16,580 shares during the last quarter. Hedge funds and other institutional investors 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.

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