L3Harris (NYSE:LHX) Posts Earnings Results, Beats Expectations By $0.22 EPS

L3Harris (NYSE:LHX) released its quarterly earnings data on Friday. The company reported $2.83 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.22, MarketWatch Earnings reports. L3Harris had a net margin of 8.30% and a return on equity of 13.20%. The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.48 billion. During the same period in the previous year, the company earned $2.51 earnings per share. The firm’s quarterly revenue was up 138.3% on a year-over-year basis. L3Harris updated its FY 2020
Pre-Market guidance to 11.15-11.55 EPS and its FY20 guidance to $11.15-11.55 EPS.

Shares of LHX stock opened at $168.33 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.21 and a debt-to-equity ratio of 0.32. The stock has a fifty day simple moving average of $174.02 and a two-hundred day simple moving average of $191.96. The stock has a market capitalization of $36.34 billion, a price-to-earnings ratio of 24.54 and a beta of 0.74. L3Harris has a twelve month low of $142.01 and a twelve month high of $230.99.

LHX has been the topic of several research analyst reports. Royal Bank of Canada started coverage on L3Harris in a report on Wednesday, May 20th. They set an “outperform” rating and a $219.00 price target on the stock. Credit Suisse Group lowered their target price on L3Harris from $226.00 to $205.00 and set an “outperform” rating on the stock in a report on Monday, July 20th. Cowen restated a “buy” rating and set a $240.00 price target on shares of L3Harris in a research note on Tuesday, May 5th. Morgan Stanley upped their price target on shares of L3Harris from $232.00 to $252.00 and gave the company an “overweight” rating in a research report on Tuesday, April 14th. Finally, Bank of America initiated coverage on shares of L3Harris in a research report on Thursday, April 16th. They set a “buy” rating and a $250.00 target price for the company. Three investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $240.05.

In other L3Harris news, Director Thomas A. Corcoran sold 1,500 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $206.17, for a total transaction of $309,255.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lewis Kramer sold 6,000 shares of the stock in a transaction 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 sale, the director now directly owns 13,278 shares in the company, valued at approximately $2,589,210. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.

About L3Harris

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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Earnings History for L3Harris (NYSE:LHX)

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