L3Harris Technologies, Inc. (NYSE:LHX) to Post Q2 2023 Earnings of $2.93 Per Share, Jefferies Financial Group Forecasts

Posted by Defense World Staff on May 4th, 2023

L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) – Analysts at Jefferies Financial Group dropped their Q2 2023 earnings per share estimates for shares of L3Harris Technologies in a research note issued to investors on Sunday, April 30th. Jefferies Financial Group analyst S. Kahyaoglu now anticipates that the company will earn $2.93 per share for the quarter, down from their prior estimate of $2.97. The consensus estimate for L3Harris Technologies’ current full-year earnings is $12.30 per share. Jefferies Financial Group also issued estimates for L3Harris Technologies’ Q3 2023 earnings at $3.18 EPS, Q4 2023 earnings at $3.28 EPS, FY2023 earnings at $12.25 EPS, FY2024 earnings at $13.35 EPS and FY2025 earnings at $14.50 EPS.

A number of other research firms have also recently commented on LHX. StockNews.com began coverage on L3Harris Technologies in a report on Thursday, March 16th. They set a “buy” rating on the stock. Truist Financial reduced their price target on L3Harris Technologies from $264.00 to $255.00 and set a “buy” rating on the stock in a report on Monday, January 30th. Cowen decreased their price objective on shares of L3Harris Technologies from $260.00 to $240.00 and set an “outperform” rating for the company in a report on Thursday, January 12th. Wells Fargo & Company increased their target price on shares of L3Harris Technologies from $219.00 to $230.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 1st. Finally, Credit Suisse Group lowered their target price on L3Harris Technologies from $240.00 to $234.00 in a report on Monday. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $250.00.

L3Harris Technologies Trading Down 1.5 %

Shares of LHX stock opened at $186.70 on Wednesday. L3Harris Technologies has a 12-month low of $186.56 and a 12-month high of $255.10. The firm’s 50 day moving average is $200.55 and its 200 day moving average is $211.60. The company has a current ratio of 1.17, a quick ratio of 0.95 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $35.46 billion, a P/E ratio of 38.98, a P/E/G ratio of 6.24 and a beta of 0.70.

L3Harris Technologies (NYSE:LHX – Get Rating) last issued its quarterly earnings results on Thursday, April 27th. The company reported $2.86 earnings per share for the quarter, missing the consensus estimate of $2.87 by ($0.01). L3Harris Technologies had a return on equity of 12.97% and a net margin of 5.30%. The firm had revenue of $4.47 billion during the quarter, compared to analysts’ expectations of $4.26 billion. During the same period in the previous year, the company earned $3.12 earnings per share. L3Harris Technologies’s revenue for the quarter was up 9.0% on a year-over-year basis.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LHX. Vanguard Group Inc. raised its stake in shares of L3Harris Technologies by 1.8% during the third quarter. Vanguard Group Inc. now owns 17,282,623 shares of the company’s stock valued at $3,591,848,000 after purchasing an additional 302,279 shares during the period. BlackRock Inc. boosted its stake in L3Harris Technologies by 15.1% during the 3rd quarter. BlackRock Inc. now owns 14,314,799 shares of the company’s stock valued at $2,975,043,000 after purchasing an additional 1,875,236 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in L3Harris Technologies by 6.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,364,874 shares of the company’s stock worth $2,158,070,000 after acquiring an additional 606,598 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in L3Harris Technologies by 0.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,043,774 shares of the company’s stock valued at $1,050,164,000 after acquiring an additional 24,661 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of L3Harris Technologies by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 3,521,626 shares of the company’s stock valued at $731,807,000 after buying an additional 25,717 shares in the last quarter. Institutional investors and hedge funds own 82.18% of the company’s stock.

L3Harris Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 16th. Investors of record on Friday, June 2nd will be paid a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Thursday, June 1st. L3Harris Technologies’s payout ratio is currently 95.20%.

About L3Harris Technologies

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L3Harris Technologies, Inc engages in the provision of defense and commercial technologies across the 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.

Earnings History and Estimates for L3Harris Technologies (NYSE:LHX)

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