Zacks: Brokerages Expect L3Harris Technologies, Inc. (NYSE:LHX) Will Post Quarterly Sales of $4.24 Billion

Analysts forecast that L3Harris Technologies, Inc. (NYSE:LHXGet Rating) will report $4.24 billion in sales for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for L3Harris Technologies’ earnings. The highest sales estimate is $4.31 billion and the lowest is $4.19 billion. L3Harris Technologies reported sales of $4.67 billion during the same quarter last year, which indicates a negative year over year growth rate of 9.2%. The company is expected to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that L3Harris Technologies will report full-year sales of $17.55 billion for the current fiscal year, with estimates ranging from $17.51 billion to $17.61 billion. For the next year, analysts expect that the business will report sales of $18.37 billion, with estimates ranging from $18.20 billion to $18.55 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow L3Harris Technologies.

L3Harris Technologies (NYSE:LHXGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The company reported $3.12 EPS for the quarter, beating analysts’ consensus estimates of $3.06 by $0.06. The company had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.13 billion. L3Harris Technologies had a return on equity of 13.18% and a net margin of 10.68%. The company’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same period last year, the company earned $3.18 earnings per share.

A number of brokerages have recently commented on LHX. Wells Fargo & Company raised their price target on L3Harris Technologies from $240.00 to $291.00 and gave the company an “overweight” rating in a report on Monday, March 7th. Jefferies Financial Group lowered their target price on L3Harris Technologies from $320.00 to $300.00 in a report on Monday, May 2nd. StockNews.com lowered L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Friday, April 29th. Raymond James lowered their target price on L3Harris Technologies from $250.00 to $243.00 and set an “outperform” rating on the stock in a report on Wednesday, February 2nd. Finally, TheStreet raised L3Harris Technologies from a “c” rating to a “b-” rating in a report on Monday, January 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $265.09.

Institutional investors and hedge funds have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in L3Harris Technologies during the 3rd quarter worth about $258,000. B. Riley Wealth Management Inc. acquired a new stake in L3Harris Technologies during the 3rd quarter worth about $324,000. NorthRock Partners LLC boosted its position in L3Harris Technologies by 20.9% during the 3rd quarter. NorthRock Partners LLC now owns 1,289 shares of the company’s stock worth $284,000 after acquiring an additional 223 shares during the period. First Republic Investment Management Inc. boosted its position in L3Harris Technologies by 5.5% during the 3rd quarter. First Republic Investment Management Inc. now owns 39,841 shares of the company’s stock worth $8,775,000 after acquiring an additional 2,087 shares during the period. Finally, Scotia Capital Inc. boosted its position in L3Harris Technologies by 2.7% during the 3rd quarter. Scotia Capital Inc. now owns 2,723 shares of the company’s stock worth $600,000 after acquiring an additional 71 shares during the period. 80.15% of the stock is currently owned by hedge funds and other institutional investors.

Shares of LHX opened at $229.40 on Monday. The firm has a market capitalization of $44.25 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 3.90 and a beta of 0.76. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.09 and a current ratio of 1.32. L3Harris Technologies has a one year low of $200.71 and a one year high of $279.71. The stock’s fifty day moving average is $247.39 and its 200-day moving average is $231.05.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 17th. Investors of record on Friday, June 3rd will be paid a $1.12 dividend. The ex-dividend date is Thursday, June 2nd. This represents a $4.48 dividend on an annualized basis and a yield of 1.95%. L3Harris Technologies’s dividend payout ratio is currently 48.17%.

About L3Harris Technologies (Get Rating)

L3Harris Technologies, Inc, an aerospace and defense technology company, provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides multi-mission intelligence, surveillance, and reconnaissance (ISR) systems; and communication systems, as well as fleet management support, sensor development, modification, and periodic depot maintenance services for ISR and airborne missions.

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