L3Harris (NYSE:LHX) Lowered to “Hold” at Zacks Investment Research
L3Harris (NYSE:LHX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports. They currently have a $184.00 price objective on the stock. Zacks Investment Research‘s target price indicates a potential upside of 0.35% from the stock’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.”
Other analysts have also issued reports about the company. Cfra lifted their price objective on L3Harris from $235.00 to $248.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. UBS Group lifted their price objective on L3Harris from $225.00 to $235.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 15th. Sanford C. Bernstein initiated coverage on L3Harris in a research report on Tuesday, December 10th. They issued an “outperform” rating and a $247.00 price objective for the company. Robert W. Baird lifted their price objective on L3Harris from $245.00 to $260.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 5th. Finally, Argus lifted their price objective on L3Harris from $230.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $242.56.
L3Harris (NYSE:LHX) last announced its earnings results on Tuesday, February 4th. The company reported $2.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.78 by $0.07. L3Harris had a return on equity of 17.71% and a net margin of 10.37%. The company had revenue of $4.83 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the company posted $1.96 earnings per share. The firm’s quarterly revenue was up 190.0% compared to the same quarter last year. On average, analysts forecast that L3Harris will post 11.61 earnings per share for the current fiscal year.
In other L3Harris news, SVP Scott T. Mikuen sold 15,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $210.51, for a total transaction of $3,157,650.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO William M. Brown sold 65,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $228.63, for a total value of $14,860,950.00. Following the transaction, the chief executive officer now owns 432,443 shares in the company, valued at approximately $98,869,443.09. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 120,530 shares of company stock worth $27,148,116. Company insiders own 1.40% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of LHX. Aigen Investment Management LP bought a new position in L3Harris during the fourth quarter worth about $25,000. Virtus ETF Advisers LLC bought a new position in L3Harris during the fourth quarter worth about $25,000. Filbrandt Wealth Management LLC bought a new position in L3Harris during the fourth quarter worth about $25,000. Corbenic Partners LLC bought a new position in L3Harris during the fourth quarter worth about $26,000. Finally, Prime Capital Investment Advisors LLC boosted its holdings in L3Harris by 40.0% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 161 shares of the company’s stock worth $32,000 after buying an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 84.90% of the company’s stock.
L3Harris Company Profile
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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