Morgan Stanley Begins Coverage on L3Harris (NYSE:LHX)

Morgan Stanley began coverage on shares of L3Harris (NYSE:LHX) in a research note issued to investors on Tuesday, BenzingaRatingsTable reports. The firm issued an overweight rating and a $259.00 price objective on the stock.

Several other research firms also recently commented on LHX. Vertical Research initiated coverage on L3Harris in a research report on Wednesday, July 3rd. They set a buy rating and a $204.70 target price for the company. Goldman Sachs Group initiated coverage on L3Harris in a research report on Tuesday, July 9th. They set a buy rating and a $240.00 target price for the company. JPMorgan Chase & Co. raised their target price on L3Harris from $210.00 to $235.00 and gave the stock an overweight rating in a research report on Thursday, August 1st. Credit Suisse Group raised 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. Finally, SunTrust Banks raised their price target on L3Harris to $232.00 and gave the company a buy rating in a report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. L3Harris presently has an average rating of Buy and an average target price of $235.07.

Shares of L3Harris stock traded down $3.04 during midday trading on Tuesday, hitting $211.41. 25,296 shares of the company were exchanged, compared to its average volume of 1,425,432. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.42 and a quick ratio of 1.15. The company has a market capitalization of $24.23 billion, a PE ratio of 25.52, a price-to-earnings-growth ratio of 2.85 and a beta of 0.95. L3Harris has a 52 week low of $123.24 and a 52 week high of $214.99.

L3Harris (NYSE:LHX) last posted its earnings results on Wednesday, July 31st. The company reported $2.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.30 by $0.14. The business had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $4.31 billion. L3Harris had a return on equity of 29.27% and a net margin of 13.95%. L3Harris’s revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the company earned $1.78 EPS. Equities analysts anticipate that L3Harris will post 9.5 earnings per share for the current fiscal year.

In other L3Harris news, Director Lewis Hay III purchased 9,800 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost 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 is available through this link. Company insiders own 2.51% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC acquired a new stake in shares of L3Harris during the second quarter worth $25,000. Dougherty Wealth Advisers LLC acquired a new stake in shares of L3Harris during the second quarter worth $31,000. Financial Gravity Wealth Inc. acquired a new stake in shares of L3Harris during the second quarter worth $74,000. Parallel Advisors LLC acquired a new stake in shares of L3Harris during the second quarter worth $100,000. Finally, Municipal Employees Retirement System of Michigan acquired a new stake in shares of L3Harris during the second quarter worth $306,000. 95.82% of the stock is owned by hedge funds and other institutional investors.

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.

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