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 $12.85-13.15 for the period, compared to the consensus earnings per share estimate of $12.97. The company issued revenue guidance of $21.00-21.30 billion, compared to the consensus revenue estimate of $21.22 billion.

L3Harris Technologies Trading Up 2.6 %

NYSE:LHX traded up $6.12 on Thursday, reaching $243.27. 1,592,799 shares of the company’s stock were exchanged, compared to its average volume of 986,270. The company has a quick ratio of 0.80, a current ratio of 0.98 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $46.14 billion, a price-to-earnings ratio of 38.50, a price-to-earnings-growth ratio of 2.00 and a beta of 0.72. The business has a fifty day moving average of $225.67 and a 200-day moving average of $215.61. L3Harris Technologies has a 52-week low of $160.25 and a 52-week high of $245.60.

L3Harris Technologies (NYSE:LHX) last released 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 for the quarter, compared to analyst estimates of $5.11 billion. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.86 earnings per share. As a group, analysts expect that L3Harris Technologies will post 12.99 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Friday, September 6th. L3Harris Technologies’s payout ratio is currently 75.32%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Barclays increased their price target on L3Harris Technologies from $238.00 to $245.00 and gave the stock an overweight rating in a report on Tuesday, April 30th. JPMorgan Chase & Co. lifted their price objective on L3Harris Technologies from $240.00 to $250.00 and gave the stock an overweight rating in a research report on Wednesday, May 1st. Alembic Global Advisors upgraded L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price objective for the company in a research report on Monday, April 22nd. Royal Bank of Canada raised their price target on L3Harris Technologies from $245.00 to $250.00 and gave the stock an outperform rating in a research note on Monday, April 29th. Finally, Wells Fargo & Company lifted their price objective on L3Harris Technologies from $238.00 to $245.00 and gave the company an overweight rating in a research note on Tuesday, May 7th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $231.80.

Insiders Place Their Bets

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $225.11, for a total transaction of $5,627,750.00. Following the completion of the transaction, the chief executive officer now owns 120,326 shares in the company, valued at approximately $27,086,585.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Christopher E. Kubasik sold 25,000 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $225.11, for a total value of $5,627,750.00. Following the completion of the sale, the chief executive officer now owns 120,326 shares in the company, valued at $27,086,585.86. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Scott T. Mikuen sold 15,887 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the completion of the sale, the senior vice president now owns 47,616 shares of the company’s stock, valued at approximately $11,189,760. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,312 shares of company stock worth $24,712,822. 0.82% of the stock is owned by company insiders.

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.