L3Harris (NYSE:LHX) announced its quarterly earnings results on Friday. The company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.22, MarketWatch Earnings reports. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.48 billion. L3Harris had a return on equity of 13.20% and a net margin of 8.30%. The firm’s revenue for the quarter was up 138.3% compared to the same quarter last year. During the same period last year, the firm earned $2.51 EPS. L3Harris updated its FY 2020
Pre-Market guidance to 11.15-11.55 EPS and its FY20 guidance to $11.15-11.55 EPS.
LHX opened at $168.33 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.41 and a quick ratio of 1.21. The company’s 50 day simple moving average is $174.02 and its two-hundred day simple moving average is $191.96. L3Harris has a 1-year low of $142.01 and a 1-year high of $230.99. The firm has a market capitalization of $36.34 billion, a price-to-earnings ratio of 24.54 and a beta of 0.74.
In other L3Harris news, Director Lewis Kramer sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $195.00, for a total value of $1,170,000.00. Following the transaction, the director now directly owns 13,278 shares of the company’s stock, valued at approximately $2,589,210. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas A. Corcoran sold 1,500 shares of L3Harris stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $206.17, for a total transaction of $309,255.00. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.
A number of research firms have recently commented on LHX. Bank of America began coverage on L3Harris in a research report on Thursday, April 16th. They set a “buy” rating and a $250.00 target price on the stock. ValuEngine upgraded L3Harris from a “sell” rating to a “hold” rating in a research report on Thursday, July 9th. Royal Bank of Canada started coverage on shares of L3Harris in a research note on Wednesday, May 20th. They issued an “outperform” rating and a $219.00 price target on the stock. Sanford C. Bernstein raised their price target on shares of L3Harris from $217.00 to $236.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, Benchmark reaffirmed a “buy” rating and issued a $260.00 price target (down from $280.00) on shares of L3Harris in a research note on Wednesday, May 13th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. L3Harris has an average rating of “Buy” and a consensus price target of $240.32.
L3Harris Company Profile
L3Harris Technologies, Inc provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems.
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