L3Harris Technologies (NYSE:LHX) Upgraded to "Buy" at Bank of America

Bank of America upgraded shares of L3Harris Technologies (NYSE:LHX - Free Report) from a neutral rating to a buy rating in a report released on Thursday morning, Marketbeat reports. They currently have $300.00 target price on the stock, up from their prior target price of $240.00.

Several other brokerages have also recently weighed in on LHX. Truist Financial lifted their price target on shares of L3Harris Technologies from $293.00 to $300.00 and gave the stock a "buy" rating in a research note on Monday. Morgan Stanley downgraded shares of L3Harris Technologies from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $275.00 to $257.00 in a report on Friday, August 9th. StockNews.com upgraded shares of L3Harris Technologies from a "hold" rating to a "buy" rating in a report on Monday. Wells Fargo & Company boosted their target price on shares of L3Harris Technologies from $260.00 to $295.00 and gave the stock an "overweight" rating in a report on Monday. Finally, Citigroup upped their price target on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, L3Harris Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $264.07.

L3Harris Technologies Trading Up 0.8 %

Shares of L3Harris Technologies stock traded up $2.06 during trading on Thursday, reaching $247.47. 1,250,138 shares of the stock were exchanged, compared to its average volume of 911,929. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. L3Harris Technologies has a 1 year low of $176.15 and a 1 year high of $258.89. The stock's fifty day moving average is $238.05 and its 200 day moving average is $228.24. The firm has a market cap of $46.95 billion, a price-to-earnings ratio of 40.09, a price-to-earnings-growth ratio of 2.10 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX - Get Free Report) last announced its earnings results on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating analysts' consensus estimates of $3.27 by $0.07. The business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $5.28 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the firm earned $3.19 earnings per share. As a group, equities research analysts expect that L3Harris Technologies will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be given a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a yield of 1.87%. L3Harris Technologies's payout ratio is currently 75.32%.

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of the firm's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the transaction, the insider now directly owns 13,328 shares of the company's stock, valued at $3,261,095.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.82% of the company's stock.

Hedge Funds Weigh In On L3Harris Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. lifted its holdings in L3Harris Technologies by 260.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 119 shares of the company's stock worth $27,000 after buying an additional 86 shares in the last quarter. EntryPoint Capital LLC grew its position in L3Harris Technologies by 70.4% in the 1st quarter. EntryPoint Capital LLC now owns 167 shares of the company's stock worth $36,000 after purchasing an additional 69 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of L3Harris Technologies by 77.7% in the 2nd quarter. Versant Capital Management Inc now owns 183 shares of the company's stock worth $41,000 after acquiring an additional 80 shares during the period. Family Firm Inc. acquired a new stake in shares of L3Harris Technologies in the 2nd quarter worth approximately $45,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of L3Harris Technologies in the 2nd quarter worth approximately $57,000. Institutional investors and hedge funds own 84.76% of the company's stock.

L3Harris Technologies Company Profile

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.