L3Harris Technologies (NYSE:LHX) Issues Quarterly Earnings Results

L3Harris Technologies (NYSE:LHX) posted its earnings results on Thursday. The company reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.17, Briefing.com reports. L3Harris Technologies had a return on equity of 12.68% and a net margin of 6.32%. The company had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. During the same quarter in the previous year, the firm earned $2.86 earnings per share. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. L3Harris Technologies updated its FY24 guidance to $12.70-$13.05 EPS and its FY 2024 guidance to 12.700-13.050 EPS.

L3Harris Technologies Trading Up 3.5 %

Shares of L3Harris Technologies stock traded up $7.18 during trading hours on Friday, hitting $214.54. The company’s stock had a trading volume of 2,131,337 shares, compared to its average volume of 1,122,351. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $218.34. The firm has a fifty day moving average of $210.11 and a 200-day moving average of $201.04. The stock has a market cap of $40.79 billion, a price-to-earnings ratio of 33.02, a P/E/G ratio of 1.93 and a beta of 0.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.82 and a current ratio of 1.01.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 2.16%. The ex-dividend date is Friday, May 31st. L3Harris Technologies’s payout ratio is currently 72.05%.

Insider Activity

In other news, insider Edward J. Zoiss sold 3,707 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total value of $783,919.29. Following the transaction, the insider now owns 28,644 shares of the company’s stock, valued at approximately $6,057,346.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, SVP Scott T. Mikuen sold 1,292 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $211.14, for a total transaction of $272,792.88. Following the transaction, the senior vice president now owns 58,617 shares of the company’s stock, valued at approximately $12,376,393.38. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Edward J. Zoiss sold 3,707 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total value of $783,919.29. Following the transaction, the insider now directly owns 28,644 shares in the company, valued at approximately $6,057,346.68. The disclosure for this sale can be found here. Insiders have sold a total of 48,362 shares of company stock valued at $10,261,360 in the last quarter. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Citigroup boosted their price target on L3Harris Technologies from $238.00 to $245.00 and gave the stock a “buy” rating in a research note on Tuesday, February 13th. UBS Group lifted their target price on L3Harris Technologies from $222.00 to $229.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Raymond James lifted their target price on L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 target price for the company in a report on Monday. Finally, JPMorgan Chase & Co. raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $240.00 target price for the company in a report on Thursday, January 11th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, L3Harris Technologies presently has an average rating of “Moderate Buy” and an average target price of $229.60.

L3Harris Technologies Company Profile

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.