L3Harris Technologies (NYSE:LHX) Issues FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $12.70-$13.05 for the period, compared to the consensus EPS 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 Trading Up 3.5 %

NYSE:LHX traded up $7.18 during midday trading on Friday, reaching $214.54. 2,133,539 shares of the stock traded hands, compared to its average volume of 1,010,338. The company has a fifty day moving average of $210.16 and a 200 day moving average of $201.28. L3Harris Technologies has a 12 month low of $160.25 and a 12 month high of $218.34. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.82 and a current ratio of 1.01. The stock has a market capitalization of $40.79 billion, a P/E ratio of 34.83, a PEG ratio of 1.93 and a beta of 0.65.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, April 25th. The company reported $3.06 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $5.11 billion. During the same period in the prior year, the business earned $2.86 EPS. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, research analysts predict that L3Harris Technologies will post 12.73 EPS for the current year.

L3Harris Technologies Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, May 31st. This represents a $4.64 annualized dividend and a yield of 2.16%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Alembic Global Advisors upgraded shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price objective for the company in a report on Monday, April 22nd. Royal Bank of Canada upped their target price on shares of L3Harris Technologies from $235.00 to $245.00 and gave the stock an outperform rating in a research report on Monday, January 29th. UBS Group upped their target price on shares of L3Harris Technologies from $222.00 to $229.00 and gave the stock a neutral rating in a research report on Monday, January 29th. StockNews.com downgraded shares of L3Harris Technologies from a buy rating to a hold rating in a research report on Monday, January 29th. Finally, Citigroup upped their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock a buy rating in a research report on Tuesday, February 13th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of Moderate Buy and a consensus price target of $229.60.

Insider Activity

In other news, CEO Christopher E. Kubasik sold 40,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the sale, the chief executive officer now owns 116,175 shares of the company’s stock, valued at approximately $24,654,658.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other L3Harris Technologies news, Director William H. Swanson acquired 1,250 shares of the stock in a transaction dated Thursday, March 14th. The shares were purchased at an average price of $215.35 per share, for a total transaction of $269,187.50. Following the purchase, the director now directly owns 1,543 shares of the company’s stock, valued at $332,285.05. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the transaction, the chief executive officer now owns 116,175 shares in the company, valued at approximately $24,654,658.50. 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 90 days. 0.82% of the stock is currently owned by insiders.

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.