L3Harris Technologies, Inc. (NYSE:LHX – Get Rating) – Investment analysts at Jefferies Financial Group upped their Q1 2023 earnings estimates for L3Harris Technologies in a research report issued to clients and investors on Sunday, January 29th. Jefferies Financial Group analyst S. Kahyaoglu now forecasts that the company will earn $2.89 per share for the quarter, up from their previous forecast of $2.76. The consensus estimate for L3Harris Technologies’ current full-year earnings is $12.64 per share. Jefferies Financial Group also issued estimates for L3Harris Technologies’ Q2 2023 earnings at $2.99 EPS, Q3 2023 earnings at $3.14 EPS and Q4 2023 earnings at $3.17 EPS.
L3Harris Technologies (NYSE:LHX – Get Rating) last announced its earnings results on Friday, January 27th. The company reported $3.27 earnings per share for the quarter, topping analysts’ consensus estimates of $3.21 by $0.06. The business had revenue of $4.58 billion for the quarter, compared to analyst estimates of $4.36 billion. L3Harris Technologies had a return on equity of 13.20% and a net margin of 6.22%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the company earned $3.30 EPS.
Several other research firms also recently weighed in on LHX. Morgan Stanley decreased their target price on L3Harris Technologies from $278.00 to $264.00 and set an “overweight” rating for the company in a research report on Monday. Wells Fargo & Company upped their price objective on shares of L3Harris Technologies from $219.00 to $230.00 and gave the company an “equal weight” rating in a report on Wednesday. Robert W. Baird lowered shares of L3Harris Technologies from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $290.00 to $241.00 in a report on Monday, December 19th. Argus downgraded L3Harris Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 10th. Finally, Raymond James lowered L3Harris Technologies from an “outperform” rating to a “market perform” rating in a report on Friday, October 28th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $258.29.
L3Harris Technologies Trading Up 0.5 %
Shares of NYSE LHX opened at $215.85 on Wednesday. The company has a market cap of $41.10 billion, a PE ratio of 39.56, a P/E/G ratio of 6.19 and a beta of 0.73. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.12 and a current ratio of 1.40. The firm’s 50 day moving average price is $209.56 and its 200-day moving average price is $223.35. L3Harris Technologies has a 52-week low of $189.73 and a 52-week high of $279.71.
Institutional Investors Weigh In On L3Harris Technologies
Institutional investors and hedge funds have recently bought and sold shares of the stock. TFG Advisers LLC lifted its holdings in shares of L3Harris Technologies by 3.7% during the fourth quarter. TFG Advisers LLC now owns 6,042 shares of the company’s stock valued at $1,258,000 after purchasing an additional 213 shares during the last quarter. NorthRock Partners LLC bought a new stake in L3Harris Technologies during the fourth quarter worth about $327,000. Ipswich Investment Management Co. Inc. increased its holdings in shares of L3Harris Technologies by 280.9% in the fourth quarter. Ipswich Investment Management Co. Inc. now owns 9,706 shares of the company’s stock valued at $2,021,000 after purchasing an additional 7,158 shares during the last quarter. Creative Financial Designs Inc. ADV raised its stake in L3Harris Technologies by 6.5% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 2,992 shares of the company’s stock valued at $623,000 after purchasing an additional 183 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position in L3Harris Technologies by 0.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 77,971 shares of the company’s stock worth $16,234,000 after purchasing an additional 536 shares in the last quarter. Hedge funds and other institutional investors own 82.18% of the company’s stock.
Insider Buying and Selling
In related news, insider Dana A. Mehnert sold 1,985 shares of L3Harris Technologies stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $227.25, for a total transaction of $451,091.25. Following the completion of the transaction, the insider now directly owns 23,830 shares of the company’s stock, valued at approximately $5,415,367.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Dana A. Mehnert sold 1,985 shares of the company’s stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $227.25, for a total value of $451,091.25. Following the transaction, the insider now directly owns 23,830 shares in the company, valued at $5,415,367.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP James P. Girard sold 5,000 shares of L3Harris Technologies 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 sale, the vice president now owns 7,144 shares of the company’s stock, valued at $1,638,690.72. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.
About L3Harris Technologies
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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