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 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 Stock Performance

L3Harris Technologies stock traded down $0.35 during trading hours on Thursday, hitting $207.36. The company had a trading volume of 1,168,622 shares, compared to its average volume of 1,113,335. The firm has a market cap of $39.42 billion, a PE ratio of 32.25, a PEG ratio of 1.93 and a beta of 0.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.82. L3Harris Technologies has a one year low of $160.25 and a one year high of $218.34. The firm has a 50-day moving average of $210.19 and a 200 day moving average of $200.99.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Friday, January 26th. The company reported $3.35 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.04. L3Harris Technologies had a net margin of 6.32% and a return on equity of 12.68%. The firm had revenue of $5.34 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the prior year, the firm earned $3.27 EPS. The business’s revenue was up 16.6% on a year-over-year basis. On average, sell-side analysts expect that L3Harris Technologies will post 12.73 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be given a dividend of $1.16 per share. The ex-dividend date is Friday, May 31st. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.24%. L3Harris Technologies’s payout ratio is presently 72.05%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on LHX shares. 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. StockNews.com downgraded shares of L3Harris Technologies from a buy rating to a hold rating in a research note on Monday, January 29th. UBS Group lifted their target price on shares of L3Harris Technologies from $222.00 to $229.00 and gave the stock a neutral rating in a research note on Monday, January 29th. Wells Fargo & Company reduced their price target on shares of L3Harris Technologies from $250.00 to $238.00 and set an overweight rating for the company in a report on Tuesday, January 30th. Finally, Royal Bank of Canada raised their price target on shares of L3Harris Technologies from $235.00 to $245.00 and gave the stock an outperform rating in a report on Monday, January 29th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, L3Harris Technologies currently has a consensus rating of Moderate Buy and a consensus price target of $229.60.

Insider Activity

In related news, Director William H. Swanson acquired 1,250 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was acquired at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the acquisition, the director now owns 1,543 shares of the company’s stock, valued at $332,285.05. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other L3Harris Technologies news, Director William H. Swanson purchased 1,250 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the purchase, the director now directly owns 1,543 shares in the company, valued at $332,285.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott T. Mikuen sold 1,292 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $211.14, for a total transaction of $272,792.88. Following the sale, the senior vice president now directly owns 58,617 shares in the company, valued at $12,376,393.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,362 shares of company stock valued at $10,261,360. Corporate 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.