L3Harris Technologies (NYSE:LHX) Issues Quarterly Earnings Results

L3Harris Technologies (NYSE:LHX) posted its quarterly earnings results on Thursday. The company reported $3.24 earnings per share for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06, Briefing.com reports. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same period in the prior year, the business posted $2.97 earnings per share. L3Harris Technologies’s revenue for the quarter was up 12.9% compared to the same quarter last year. L3Harris Technologies updated its FY24 guidance to $12.85-13.15 EPS and its FY 2024 guidance to 12.850-13.150 EPS.

L3Harris Technologies Stock Performance

NYSE:LHX traded down $13.86 during midday trading on Friday, hitting $229.41. The company’s stock had a trading volume of 2,215,825 shares, compared to its average volume of 995,252. L3Harris Technologies has a fifty-two week low of $160.25 and a fifty-two week high of $245.60. The firm’s 50 day moving average is $226.21 and its 200-day moving average 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. The firm has a market cap of $43.51 billion, a P/E ratio of 37.24, a P/E/G ratio of 1.97 and a beta of 0.72.

L3Harris Technologies Announces Dividend

The business also recently disclosed 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 dividend yield of 2.02%. The ex-dividend date of this dividend is Friday, September 6th. L3Harris Technologies’s payout ratio is currently 75.32%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on LHX shares. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective on the stock in a report on Monday, April 22nd. Royal Bank of Canada boosted their price target on shares of L3Harris Technologies from $245.00 to $250.00 and gave the stock an “outperform” rating in a research report on Monday, April 29th. JPMorgan Chase & Co. upped their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Barclays upped their price target on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of L3Harris Technologies from a “buy” rating to a “hold” rating and increased their target price for the stock from $245.00 to $257.00 in a research report on Friday. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $232.93.

Insider Transactions at L3Harris Technologies

In other L3Harris Technologies news, VP Sean J. Stackley sold 3,354 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $218.00, for a total value of $731,172.00. Following the transaction, the vice president now owns 17,540 shares in the company, valued at approximately $3,823,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other L3Harris Technologies news, SVP Scott T. Mikuen sold 10,527 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $230.00, for a total value of $2,421,210.00. Following the completion of the sale, the senior vice president now owns 47,616 shares in the company, valued at $10,951,680. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $218.00, for a total value of $731,172.00. Following the transaction, the vice president now directly owns 17,540 shares in the company, valued at approximately $3,823,720. 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 90 days. 0.82% of the stock is currently 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.