L3Harris (NYSE:LHX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports. They presently have a $184.00 target price on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 0.35% from the company’s previous close.
According to Zacks, “L3Harris is a technology-oriented aerospace and defense player that delivers advanced defense and commercial technologies. On completion of its integration, L3Harris is expected to come up with $18 billion in annualized revenues. It targets $300 million net savings, $500 million in total, in a year ahead of plan. In the six months since completion of the merger, L3Harris has delivered $65 million of net synergies. Its shares have outperformed its industry in the past year. However, expanded tariff on import of aluminum by the U.S. administration may increase the input cost of aerospace and defense stocks like L3Harris. The Brexit effect may disrupt the company’s supply chain. A comparative analysis of L3Harris’ historical EV/EBITDA TTM ratio reflects a relatively gloomy picture.”
A number of other equities analysts also recently commented on LHX. Barclays restated a “buy” rating and issued a $290.00 price objective on shares of L3Harris in a report on Thursday, January 23rd. Argus increased their price objective on L3Harris from $230.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Morgan Stanley dropped their price objective on L3Harris from $259.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday. Raymond James upped their target price on L3Harris from $219.00 to $239.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 5th. Finally, Robert W. Baird upped their target price on L3Harris from $245.00 to $260.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $242.56.
L3Harris (NYSE:LHX) last released its quarterly earnings data on Tuesday, February 4th. The company reported $2.85 EPS for the quarter, topping analysts’ consensus estimates of $2.78 by $0.07. L3Harris had a return on equity of 17.71% and a net margin of 10.37%. The firm had revenue of $4.83 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the company posted $1.96 earnings per share. The firm’s revenue was up 190.0% on a year-over-year basis. Equities analysts expect that L3Harris will post 11.61 EPS for the current year.
In other news, SVP Scott T. Mikuen sold 15,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $210.51, for a total value of $3,157,650.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William M. Brown sold 65,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $228.63, for a total value of $14,860,950.00. Following the completion of the sale, the chief executive officer now directly owns 432,443 shares of the company’s stock, valued at $98,869,443.09. The disclosure for this sale can be found here. Insiders have sold 120,530 shares of company stock valued at $27,148,116 in the last ninety days. Company insiders own 1.40% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Aigen Investment Management LP bought a new stake in shares of L3Harris in the fourth quarter valued at approximately $25,000. Virtus ETF Advisers LLC bought a new stake in shares of L3Harris in the fourth quarter valued at approximately $25,000. Filbrandt Wealth Management LLC bought a new stake in shares of L3Harris in the fourth quarter valued at approximately $25,000. Corbenic Partners LLC bought a new stake in shares of L3Harris in the fourth quarter valued at approximately $26,000. Finally, Prime Capital Investment Advisors LLC boosted its position in shares of L3Harris by 40.0% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 161 shares of the company’s stock valued at $32,000 after acquiring an additional 46 shares during the period. 84.90% of the stock is owned by institutional investors.
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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