L3Harris Technologies (NYSE:LHX) Updates FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $12.70-$13.05 for the period, compared to the consensus earnings per share 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 L3Harris Technologies stock traded up $7.18 during trading on Friday, hitting $214.54. 2,133,539 shares of the company’s stock traded hands, compared to its average volume of 1,010,338. 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’s fifty day moving average price is $210.16 and its 200 day moving average price is $201.28. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $218.34. The company has a market cap of $40.79 billion, a PE ratio of 34.83, a PEG ratio of 1.93 and a beta of 0.65.

L3Harris Technologies (NYSE:LHX) last issued its earnings results on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.17. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The business had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. During the same period in the previous year, the business earned $2.86 EPS. The firm’s revenue was up 16.6% on a year-over-year basis. Analysts forecast that L3Harris Technologies will post 12.73 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, May 31st. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Raymond James boosted their price target on shares of L3Harris Technologies from $220.00 to $235.00 and gave the company an outperform rating in a research report on Monday, January 29th. UBS Group boosted their price target on shares of L3Harris Technologies from $222.00 to $229.00 and gave the company a neutral rating in a research report on Monday, January 29th. StockNews.com lowered shares of L3Harris Technologies from a buy rating to a hold rating in a research report on Monday, January 29th. Alembic Global Advisors upgraded shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price target on the stock in a research report on Monday, April 22nd. Finally, 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 research report on Thursday, January 11th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $229.60.

Insider Activity at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $212.22, for a total value of $8,488,800.00. Following the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at $24,654,658.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $212.22, for a total value of $8,488,800.00. Following the transaction, the chief executive officer now directly owns 116,175 shares in the company, valued at $24,654,658.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 over the last ninety days. Company 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.