Analysts expect L3Harris Technologies, Inc. (NYSE:LHX) to report second-quarter earnings of $3.18 per share after the closing bell on Thursday, July 25.

That's up from $2.97 per share in the year-ago period.

Benzinga Pro data projects L3Harris Technologies to post revenue of $5.3 billion, compared to $4.37 billion a year earlier.

On July 18, the Melbourne, Florida-based company's board declared a quarterly cash dividend of $1.16 per common share. Some investors may be eyeing potential gains from the company's dividends.

L3Harris currently has a dividend yield of 1.96%. That's a quarterly dividend amount of $1.16 a share ($4.64 a year).

To figure out how to earn $500 monthly from L3Harris, we start with the yearly target of $6,000 ($500 x 12 months).

Next, we take this amount and divide it by L3Harris $4.64 dividend: $6,000 / $4.64 = 1,293 shares

So, an investor would need to own approximately $306,635 worth of L3Harris, or 1,293 shares to generate a monthly dividend income of $500.

Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $4.64 = 259 shares, or $61,422 to generate a monthly dividend income of $100.

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Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.

For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).

Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).

The dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.

LHX Price Action: Shares of L3Harris fell 1.2% to close at $237.15 on Wednesday.

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