L3Harris Technologies, Inc. (LHX) Monthly Stock Report
Publication Date: September 22, 2024
Company Overview
L3Harris Technologies, Inc. (NYSE: LHX), headquartered in Melbourne, Florida, is a prominent entity within the aerospace and defense sector, catering to both government and commercial clients globally. The company, which was founded in 1895 and rebranded in 2019, operates across several key segments: Integrated Mission Systems, Space and Airborne Systems, Communication Systems, and Aerojet Rocketdyne. L3Harris is at the forefront of delivering advanced technologies, including intelligence and surveillance systems and propulsion technologies, essential for national security and space exploration. As a publicly traded company, L3Harris remains dedicated to innovation and excellence across its diverse portfolio.
Investment Opportunity in Aerospace & Defense
The Aerospace & Defense industry has emerged as a compelling investment arena, driven by robust financial performance and increasing global defense spending. With total revenues hitting $20.76 billion, L3Harris stands to benefit from these favorable market conditions. Analysts currently recommend a “buy” rating for L3Harris stock, citing a target high price of $324.00 per share, which represents a significant potential upside from the current price of $233.21. This positive sentiment is substantiated by an average recommendation score of 2.4 from 21 analysts, indicating a generally optimistic outlook for future investments in this stock.
Stock Performance and Outlook
As of now, L3Harris holds a total of 189,704,992 shares outstanding, with approximately 1,025,094 shares sold short, reflecting a short interest of only 0.0061% of the float. The stock’s current price of $233.21 is slightly above its fifty-day moving average of $231.24, which demonstrates stable short-term performance. Over the past year, the stock peaked at $245.60, suggesting strong investor interest at this resistance level, while the fifty-two week low of $160.25 illustrates the potential for volatility. The overall analysis, projecting target prices ranging from a low of $185.00 to a mean of $252.30, aligns with the general consensus favoring investment in L3Harris, marking it as a stock worth considering for potential growth and stability in the evolving landscape of the aerospace and defense sectors.
| Metric | Value |
|---|---|
| Market Cap | $44.2b |
| Total Debt | $13.3b |
| Total Cash | $547.0m |
| Shares Outstanding | 189.7m |
| Float Shares | 188.6m |
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