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

L3Harris Technologies (NYSE:LHX) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 12.950-13.150 for the period, compared to the consensus earnings per share estimate of 13.040. The company issued revenue guidance of $21.1 billion-$21.3 billion, compared to the consensus revenue estimate of $21.3 billion. L3Harris Technologies also updated its FY24 guidance to $12.95-13.15 EPS.

L3Harris Technologies Stock Performance

LHX traded up $8.49 during trading on Friday, reaching $252.66. The company’s stock had a trading volume of 1,620,586 shares, compared to its average volume of 911,712. L3Harris Technologies has a 52-week low of $169.55 and a 52-week high of $258.89. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. The company’s fifty day moving average price is $236.59 and its 200-day moving average price is $226.89. The company has a market capitalization of $47.92 billion, a price-to-earnings ratio of 41.03, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same quarter in the prior year, the firm earned $3.19 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, equities analysts forecast that L3Harris Technologies will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Monday, November 18th will be issued a dividend of $1.16 per share. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.84%. L3Harris Technologies’s payout ratio is currently 75.32%.

Analyst Ratings Changes

LHX has been the topic of a number of analyst reports. Wells Fargo & Company dropped their price objective on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Barclays raised their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Citigroup increased their price target on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $256.71.

Insider Activity

In other news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the sale, the insider now owns 13,328 shares in the company, valued at $3,261,095.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.82% of the company’s stock.

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.