Morgan Stanley Forecasts Strong Price Appreciation for L3Harris Technologies (NYSE:LHX) Stock

L3Harris Technologies (NYSE:LHX) had its price target increased by research analysts at Morgan Stanley from $367.00 to $390.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 14.98% from the company’s current price.

LHX has been the topic of several other reports. TD Cowen reissued a “buy” rating on shares of L3Harris Technologies in a report on Monday, January 5th. Royal Bank Of Canada raised their target price on L3Harris Technologies from $360.00 to $365.00 and gave the stock a “sector perform” rating in a research report on Friday. BNP Paribas Exane raised shares of L3Harris Technologies to a “hold” rating in a research report on Tuesday, November 18th. Wall Street Zen lowered shares of L3Harris Technologies from a “strong-buy” rating to a “buy” rating in a report on Sunday, January 11th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of L3Harris Technologies in a research report on Monday, January 12th. Sixteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, L3Harris Technologies has an average rating of “Moderate Buy” and an average target price of $318.73.

L3Harris Technologies Stock Down 1.1%

Shares of NYSE:LHX traded down $3.67 during trading on Monday, reaching $339.18. 570,245 shares of the stock traded hands, compared to its average volume of 1,847,420. The stock has a market cap of $63.44 billion, a P/E ratio of 39.76, a price-to-earnings-growth ratio of 2.11 and a beta of 0.64. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.02 and a current ratio of 1.19. The stock has a 50-day moving average of $308.13 and a two-hundred day moving average of $291.76. L3Harris Technologies has a 52-week low of $193.09 and a 52-week high of $369.59.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, January 29th. The company reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 10.43% and a net margin of 7.35%.The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.47 EPS. As a group, sell-side analysts expect that L3Harris Technologies will post 11.12 earnings per share for the current fiscal year.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 14,171 shares of L3Harris Technologies stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $301.05, for a total transaction of $4,266,179.55. Following the completion of the transaction, the chief executive officer directly owned 144,426 shares of the company’s stock, valued at $43,479,447.30. The trade was a 8.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On L3Harris Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LHX. Bank of New York Mellon Corp raised its position in L3Harris Technologies by 52.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,117,030 shares of the company’s stock valued at $1,032,716,000 after purchasing an additional 1,413,833 shares in the last quarter. AGF Management Ltd. bought a new stake in shares of L3Harris Technologies in the second quarter valued at about $324,940,000. Victory Capital Management Inc. lifted its stake in L3Harris Technologies by 1,053.9% in the third quarter. Victory Capital Management Inc. now owns 1,181,900 shares of the company’s stock worth $360,964,000 after acquiring an additional 1,079,474 shares during the period. Boston Partners grew its holdings in L3Harris Technologies by 72.1% during the 2nd quarter. Boston Partners now owns 2,002,211 shares of the company’s stock worth $504,160,000 after acquiring an additional 838,546 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of L3Harris Technologies by 8,284.6% in the 2nd quarter. Balyasny Asset Management L.P. now owns 775,322 shares of the company’s stock valued at $194,482,000 after purchasing an additional 766,075 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

About L3Harris Technologies

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.