L3Harris Technologies (NYSE:LHX) Updates FY 2024 Earnings Guidance

L3Harris Technologies (NYSE:LHX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 12.850-13.150 for the period, compared to the consensus earnings per share estimate of 12.970. The company issued revenue guidance of $21.0 billion-$21.3 billion, compared to the consensus revenue estimate of $21.2 billion. L3Harris Technologies also updated its FY24 guidance to $12.85-13.15 EPS.

L3Harris Technologies Stock Performance

Shares of LHX traded down $13.86 during midday trading on Friday, reaching $229.41. 2,215,825 shares of the stock were exchanged, compared to its average volume of 995,252. The business’s 50-day moving average price is $226.21 and its 200 day moving average price is $215.96. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.98 and a quick ratio of 0.80. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $245.60. The company has a market capitalization of $43.51 billion, a price-to-earnings ratio of 37.24, a PEG ratio of 1.97 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The business had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.30 billion. During the same quarter in the previous year, the firm earned $2.97 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts expect that L3Harris Technologies will post 12.99 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be given a $1.16 dividend. This represents a $4.64 annualized dividend and a yield of 2.02%. The ex-dividend date is Friday, September 6th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Analyst Ratings Changes

Several equities analysts recently issued reports on LHX shares. Wells Fargo & Company boosted their price target on L3Harris Technologies from $238.00 to $245.00 and gave the company an overweight rating in a research report on Tuesday, May 7th. JPMorgan Chase & Co. boosted their price target on L3Harris Technologies from $240.00 to $250.00 and gave the company 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 target on the stock in a research report on Monday, April 22nd. Royal Bank of Canada boosted their price target on L3Harris Technologies from $245.00 to $250.00 and gave the company an outperform rating in a research report on Monday, April 29th. Finally, Deutsche Bank Aktiengesellschaft cut L3Harris Technologies from a buy rating to a hold rating and boosted their price target for the company from $245.00 to $257.00 in a research report on Friday. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $232.93.

Insider Transactions at L3Harris Technologies

In related news, CEO Christopher E. Kubasik sold 26,190 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total value of $5,911,083.00. Following the sale, the chief executive officer now owns 120,326 shares of the company’s stock, valued at approximately $27,157,578.20. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Christopher E. Kubasik sold 26,190 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total value of $5,911,083.00. Following the sale, the chief executive officer now owns 120,326 shares of the company’s stock, valued at approximately $27,157,578.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Christopher E. Kubasik sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were 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 directly owns 120,326 shares in the company, valued at approximately $27,086,585.86. The disclosure for this sale can be found here. Insiders have sold 109,312 shares of company stock valued at $24,712,822 in the last quarter. 0.82% of the stock is currently owned by corporate 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.