Equities research analysts predict that L3Harris Technologies, Inc. (NYSE:LHX) will report sales of $4.56 billion for the current quarter, Zacks reports. Five analysts have provided estimates for L3Harris Technologies' earnings, with the highest sales estimate coming in at $4.73 billion and the lowest estimate coming in at $4.48 billion. L3Harris Technologies reported sales of $4.46 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 2.2%. The firm is expected to announce its next quarterly earnings report before the market opens on Friday, October 29th.
On average, analysts expect that L3Harris Technologies will report full year sales of $18.44 billion for the current fiscal year, with estimates ranging from $18.36 billion to $18.57 billion. For the next year, analysts expect that the company will report sales of $19.15 billion, with estimates ranging from $18.90 billion to $19.87 billion. Zacks' sales calculations are an average based on a survey of research firms that follow L3Harris Technologies.
L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Tuesday, August 3rd. The company reported $3.26 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $3.18 by $0.08. The firm had revenue of $4.67 billion during the quarter, compared to analysts' expectations of $4.62 billion. L3Harris Technologies had a return on equity of 12.60% and a net margin of 8.17%. The company's revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.83 earnings per share.
A number of research firms recently commented on LHX. Susquehanna Bancshares upped their price objective on L3Harris Technologies from $244.00 to $270.00 and gave the company a "positive" rating in a research report on Wednesday, August 4th. The Goldman Sachs Group cut L3Harris Technologies from a "neutral" rating to a "sell" rating and set a $207.00 price objective for the company. in a research report on Thursday, September 23rd. Wells Fargo & Company upped their price target on L3Harris Technologies from $225.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 4th. Wolfe Research initiated coverage on L3Harris Technologies in a research report on Wednesday, September 8th. They issued a "market perform" rating for the company. Finally, Morgan Stanley cut L3Harris Technologies from an "overweight" rating to an "equal weight" rating and set a $238.00 price target for the company. in a research report on Wednesday, August 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $233.69.
In related news, insider William M. Brown sold 85,162 shares of the stock in a transaction that occurred on Friday, September 3rd. The stock was sold at an average price of $231.99, for a total transaction of $19,756,732.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott T. Mikuen sold 8,573 shares of the company's stock in a transaction that occurred on Tuesday, July 20th. The shares were sold at an average price of $225.08, for a total value of $1,929,610.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 423,000 shares of company stock valued at $97,577,351. Corporate insiders own 1.40% of the company's stock.
A number of hedge funds have recently modified their holdings of the business. Scout Investments Inc. raised its position in L3Harris Technologies by 15.9% during the third quarter. Scout Investments Inc. now owns 148,037 shares of the company's stock valued at $32,604,000 after purchasing an additional 20,339 shares during the period. CHICAGO TRUST Co NA purchased a new stake in shares of L3Harris Technologies in the third quarter worth approximately $241,000. JGP Wealth Management LLC raised its holdings in shares of L3Harris Technologies by 0.9% in the third quarter. JGP Wealth Management LLC now owns 34,508 shares of the company's stock worth $7,600,000 after buying an additional 316 shares during the period. Welch & Forbes LLC raised its holdings in shares of L3Harris Technologies by 10.7% in the third quarter. Welch & Forbes LLC now owns 50,615 shares of the company's stock worth $11,148,000 after buying an additional 4,885 shares during the period. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO raised its holdings in shares of L3Harris Technologies by 2.7% in the third quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 12,082 shares of the company's stock worth $2,661,000 after buying an additional 312 shares during the period. Institutional investors and hedge funds own 80.54% of the company's stock.
L3Harris Technologies stock opened at $234.58 on Thursday. The stock has a market cap of $47.14 billion, a PE ratio of 32.81, a price-to-earnings-growth ratio of 2.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.50 and a current ratio of 1.70. L3Harris Technologies has a one year low of $158.09 and a one year high of $238.40. The stock has a fifty day moving average of $228.94 and a 200 day moving average of $221.26.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 17th. Stockholders of record on Friday, September 3rd were paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date was Thursday, September 2nd. L3Harris Technologies's dividend payout ratio (DPR) is 35.17%.
About L3Harris Technologies
L3Harris Technologies, Inc engages in the provision of defense and commercial technologies across air, land, sea, space and cyber domains. It operates through the following segments: Integrated Mission Systems; Space and Airborne Systems; Communication Systems; and Aviation Systems. The Integrated Mission Systems segment consists of multi-mission ISR and communication systems; integrated electrical and electronic systems for maritime platforms; and advanced electro-optical and infrared solutions.
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