FY2022 EPS Estimates for L3Harris Technologies, Inc. Cut by Analyst (NYSE:LHX) – MarketBeat
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L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) – Seaport Res Ptn cut their FY2022 EPS estimates for shares of L3Harris Technologies in a report released on Sunday, November 27th. Seaport Res Ptn analyst R. Safran now anticipates that the company will post earnings per share of $12.82 for the year, down from their previous forecast of $13.41. The consensus estimate for L3Harris Technologies’ current full-year earnings is $12.86 per share. Seaport Res Ptn also issued estimates for L3Harris Technologies’ Q1 2023 earnings at $2.98 EPS and Q2 2023 earnings at $3.05 EPS.
L3Harris Technologies (NYSE:LHX – Get Rating) last announced its earnings results on Thursday, October 27th. The company reported $3.26 earnings per share for the quarter, missing analysts’ consensus estimates of $3.47 by ($0.21). L3Harris Technologies had a return on equity of 13.18% and a net margin of 6.71%. The company had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same period in the prior year, the firm posted $3.21 earnings per share. The company’s revenue was up .4% on a year-over-year basis.
LHX has been the subject of a number of other reports. Robert W. Baird dropped their target price on shares of L3Harris Technologies from $332.00 to $290.00 and set an “outperform” rating for the company in a research note on Monday, October 31st. Wolfe Research assumed coverage on shares of L3Harris Technologies in a research note on Monday, October 10th. They issued a “peer perform” rating for the company. Morgan Stanley dropped their price target on shares of L3Harris Technologies from $276.00 to $263.00 and set an “equal weight” rating for the company in a research note on Thursday, November 10th. TheStreet downgraded shares of L3Harris Technologies from a “b-” rating to a “c+” rating in a research note on Tuesday, November 22nd. Finally, Bank of America downgraded shares of L3Harris Technologies from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $285.00 to $250.00 in a research note on Friday, November 11th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies presently has a consensus rating of “Hold” and an average price target of $269.42.
L3Harris Technologies Trading Down 1.2 %
Shares of NYSE LHX opened at $225.86 on Tuesday. L3Harris Technologies has a 1-year low of $200.71 and a 1-year high of $279.71. The company has a market cap of $43.00 billion, a PE ratio of 39.21, a P/E/G ratio of 6.56 and a beta of 0.75. The company has a current ratio of 1.10, a quick ratio of 0.87 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $229.16 and a two-hundred day moving average of $232.19.
L3Harris Technologies Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be issued a dividend of $1.12 per share. This represents a $4.48 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Thursday, November 17th. L3Harris Technologies’s dividend payout ratio is currently 77.78%.
Insider Activity at L3Harris Technologies
In related news, CEO Christopher E. Kubasik sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $245.22, for a total transaction of $4,904,400.00. Following the completion of the transaction, the chief executive officer now owns 98,926 shares in the company, valued at $24,258,633.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Christopher E. Kubasik sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $245.22, for a total transaction of $4,904,400.00. Following the completion of the transaction, the chief executive officer now owns 98,926 shares in the company, valued at $24,258,633.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP James P. Girard sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 8th. The shares were sold at an average price of $229.38, for a total transaction of $1,146,900.00. Following the completion of the transaction, the vice president now owns 7,144 shares of the company’s stock, valued at approximately $1,638,690.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,460 shares of company stock worth $8,792,500. 1.00% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Toroso Investments LLC boosted its holdings in shares of L3Harris Technologies by 10.2% in the third quarter. Toroso Investments LLC now owns 10,138 shares of the company’s stock valued at $2,107,000 after buying an additional 938 shares during the period. IHT Wealth Management LLC acquired a new position in shares of L3Harris Technologies in the third quarter valued at approximately $236,000. Teachers Retirement System of The State of Kentucky acquired a new position in shares of L3Harris Technologies in the third quarter valued at approximately $3,714,000. Sunbelt Securities Inc. lifted its position in shares of L3Harris Technologies by 6.1% in the third quarter. Sunbelt Securities Inc. now owns 3,090 shares of the company’s stock worth $642,000 after purchasing an additional 179 shares in the last quarter. Finally, National Pension Service lifted its position in shares of L3Harris Technologies by 1.3% in the third quarter. National Pension Service now owns 311,327 shares of the company’s stock worth $65,176,000 after purchasing an additional 3,966 shares in the last quarter. Institutional investors and hedge funds own 83.00% of the company’s stock.
About L3Harris Technologies
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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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