L3Harris (NYSE:LHX) Downgraded by Zacks Investment Research to “Sell”

Share on StockTwits

Zacks Investment Research cut shares of L3Harris (NYSE:LHX) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “L3Harris Technologies Inc. is an agile aerospace and defense technology innovator, delivering end-to-end solutions. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris Technologies Inc., formerly known as Harris Corporation, is based in Melbourne, United States. “

Several other research analysts have also issued reports on the company. Credit Suisse Group increased their target price on L3Harris from $220.00 to $236.00 and gave the stock an outperform rating in a research report on Thursday, August 1st. Vertical Research started coverage on L3Harris in a research report on Wednesday, July 3rd. They issued a buy rating and a $204.70 target price for the company. ValuEngine lowered L3Harris from a buy rating to a hold rating in a research report on Tuesday. Morgan Stanley began coverage on L3Harris in a research report on Tuesday. They set an overweight rating and a $259.00 price objective for the company. Finally, Barclays set a $265.00 price objective on L3Harris and gave the company a buy rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $235.41.

Shares of LHX traded up $6.59 during trading hours on Wednesday, reaching $214.05. 1,101,813 shares of the company traded hands, compared to its average volume of 1,464,643. L3Harris has a 12 month low of $123.24 and a 12 month high of $211.82. The company has a current ratio of 1.42, a quick ratio of 1.15 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $24.51 billion, a price-to-earnings ratio of 25.82, a PEG ratio of 2.80 and a beta of 0.95.

L3Harris (NYSE:LHX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $2.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.30 by $0.14. L3Harris had a net margin of 13.95% and a return on equity of 29.27%. The company had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $4.31 billion. During the same period in the prior year, the firm earned $1.78 earnings per share. L3Harris’s revenue was up 12.3% on a year-over-year basis. On average, research analysts forecast that L3Harris will post 9 EPS for the current fiscal year.

In related news, Director Lewis Hay III acquired 9,800 shares of L3Harris stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $203.34 per share, with a total value of $1,992,732.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 2.51% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Lindbrook Capital LLC bought a new position in L3Harris during the 2nd quarter valued at approximately $25,000. Financial Gravity Wealth Inc. purchased a new stake in L3Harris in the second quarter valued at $74,000. Municipal Employees Retirement System of Michigan purchased a new stake in L3Harris in the second quarter valued at $306,000. Somerset Trust Co purchased a new stake in L3Harris in the second quarter valued at $1,209,000. Finally, Tocqueville Asset Management L.P. purchased a new stake in L3Harris in the second quarter valued at $1,094,000. Institutional investors and hedge funds own 95.82% of the company’s stock.

About L3Harris

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.

See Also: Net Asset Value

Get a free copy of the Zacks research report on L3Harris (LHX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for L3Harris (NYSE:LHX)

Receive News & Ratings for L3Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for L3Harris and related companies with MarketBeat.com's FREE daily email newsletter.