Wall Street analysts expect L3Harris (NYSE:LHX) to report sales of $4.60 billion for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for L3Harris’ earnings, with estimates ranging from $4.55 billion to $4.67 billion. L3Harris posted sales of $1.73 billion during the same quarter last year, which would indicate a positive year over year growth rate of 165.9%. The company is scheduled to announce its next quarterly earnings report on Wednesday, May 6th.
According to Zacks, analysts expect that L3Harris will report full-year sales of $19.23 billion for the current year, with estimates ranging from $19.04 billion to $19.37 billion. For the next year, analysts forecast that the firm will report sales of $20.28 billion, with estimates ranging from $19.86 billion to $20.60 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow L3Harris.
L3Harris (NYSE:LHX) last released its quarterly earnings results on Tuesday, February 4th. The company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $2.78 by $0.07. The business had revenue of $4.83 billion during the quarter, compared to analysts’ expectations of $4.82 billion. L3Harris had a return on equity of 17.71% and a net margin of 10.37%. The firm’s revenue for the quarter was up 190.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.96 EPS.
Several equities analysts have weighed in on LHX shares. Benchmark started coverage on L3Harris in a report on Friday, February 7th. They set a “buy” rating and a $280.00 price target for the company. Credit Suisse Group raised their price target on L3Harris from $235.00 to $252.00 and gave the company an “outperform” rating in a report on Wednesday, February 5th. ValuEngine upgraded L3Harris from a “strong sell” rating to a “sell” rating in a report on Friday, December 13th. Barclays reiterated a “buy” rating and issued a $290.00 target price on shares of L3Harris in a report on Thursday, January 23rd. Finally, Cfra lifted their target price on L3Harris from $235.00 to $248.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eighteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $245.83.
In other L3Harris news, insider Edward J. Zoiss sold 23,710 shares of L3Harris stock in a transaction on Monday, February 10th. The stock was sold at an average price of $228.98, for a total transaction of $5,429,115.80. Following the completion of the sale, the insider now directly owns 26,568 shares of the company’s stock, valued at approximately $6,083,540.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William M. Brown sold 65,000 shares of L3Harris stock in a transaction on Monday, February 10th. The shares were sold at an average price of $228.63, for a total value of $14,860,950.00. Following the sale, the chief executive officer now directly owns 432,443 shares of the company’s stock, valued at $98,869,443.09. The disclosure for this sale can be found here. Insiders have sold a total of 120,530 shares of company stock valued at $27,148,116 over the last three months. 1.70% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of LHX. State Street Corp bought a new stake in L3Harris during the 3rd quarter valued at $1,949,311,000. Massachusetts Financial Services Co. MA bought a new stake in L3Harris during the 3rd quarter valued at $446,171,000. California Public Employees Retirement System bought a new stake in L3Harris during the 3rd quarter valued at $371,059,000. Millennium Management LLC purchased a new position in shares of L3Harris in the 3rd quarter valued at $287,551,000. Finally, Boston Partners purchased a new position in shares of L3Harris in the 3rd quarter valued at $274,375,000. 82.74% of the stock is owned by institutional investors and hedge funds.
NYSE LHX traded up $1.54 during trading on Tuesday, hitting $228.55. 1,173,231 shares of the stock traded hands, compared to its average volume of 1,334,036. The company has a market capitalization of $50.18 billion, a P/E ratio of 28.97, a price-to-earnings-growth ratio of 2.47 and a beta of 0.82. The firm has a 50-day simple moving average of $216.06 and a 200-day simple moving average of $207.55. The company has a quick ratio of 1.21, a current ratio of 1.49 and a debt-to-equity ratio of 0.31. L3Harris has a 12-month low of $156.90 and a 12-month high of $230.99.
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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