L3Harris Technologies (NYSE:LHX) Releases FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $12.70-$13.05 for the period, compared to the consensus estimate of $12.71. The company issued revenue guidance of $20.8-$21.3 billion, compared to the consensus revenue estimate of $21.19 billion. L3Harris Technologies also updated its FY 2024 guidance to 12.700-13.050 EPS.

L3Harris Technologies Price Performance

Shares of NYSE LHX traded up $7.18 during mid-day trading on Friday, reaching $214.54. 2,133,539 shares of the company traded hands, compared to its average volume of 1,010,338. L3Harris Technologies has a fifty-two week low of $160.25 and a fifty-two week high of $218.34. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.82. The firm has a market cap of $40.79 billion, a PE ratio of 34.83, a price-to-earnings-growth ratio of 1.93 and a beta of 0.65. The stock has a fifty day simple moving average of $210.16 and a 200-day simple moving average of $201.28.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.17. The firm had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.11 billion. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The firm’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the firm posted $2.86 earnings per share. Equities research analysts anticipate that L3Harris Technologies will post 12.73 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, May 31st. L3Harris Technologies’s payout ratio is 75.32%.

Analyst Ratings Changes

A number of research firms recently commented on LHX. Citigroup raised their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock a buy rating in a research note on Tuesday, February 13th. JPMorgan Chase & Co. upgraded shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $240.00 price target on the stock in a report on Thursday, January 11th. Royal Bank of Canada raised their price target on shares of L3Harris Technologies from $235.00 to $245.00 and gave the company an outperform rating in a report on Monday, January 29th. UBS Group raised their price target on shares of L3Harris Technologies from $222.00 to $229.00 and gave the company a neutral rating in a report on Monday, January 29th. Finally, StockNews.com downgraded shares of L3Harris Technologies from a buy rating to a hold rating in a report on Monday, January 29th. Four 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 has an average rating of Moderate Buy and an average target price of $229.60.

Insiders Place Their Bets

In other L3Harris Technologies news, Director William H. Swanson bought 1,250 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the transaction, the director now owns 1,543 shares in the company, valued at $332,285.05. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Edward J. Zoiss sold 3,707 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $211.47, for a total transaction of $783,919.29. Following the transaction, the insider now directly owns 28,644 shares in the company, valued at $6,057,346.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Swanson acquired 1,250 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average price of $215.35 per share, for a total transaction of $269,187.50. Following the completion of the acquisition, the director now directly owns 1,543 shares of the company’s stock, valued at $332,285.05. The disclosure for this purchase can be found here. Insiders have sold 48,362 shares of company stock worth $10,261,360 in the last ninety days. Insiders own 0.82% of the company’s stock.

About L3Harris Technologies

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.