L3Harris Technologies (NYSE:LHX) Releases FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $12.85-13.15 for the period, compared to the consensus earnings per share estimate of $12.97. The company issued revenue guidance of $21.00-21.30 billion, compared to the consensus revenue estimate of $21.22 billion. L3Harris Technologies also updated its FY 2024 guidance to 12.850-13.150 EPS.

L3Harris Technologies Trading Down 5.7 %

LHX stock traded down $13.86 during midday trading on Friday, reaching $229.41. 2,215,825 shares of the company’s stock traded hands, compared to its average volume of 995,252. 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 fifty-two week low of $160.25 and a fifty-two week high of $245.60. The business has a 50-day moving average price of $226.21 and a two-hundred day moving average price of $215.96. The company has a market capitalization of $43.51 billion, a P/E 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 earnings per share for the quarter, beating the consensus estimate of $3.18 by $0.06. 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 analyst estimates of $5.30 billion. During the same quarter in the previous year, the business posted $2.97 EPS. The business’s quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts forecast that L3Harris Technologies will post 12.99 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be paid 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 dividend payout ratio (DPR) is 75.32%.

Analysts Set New Price Targets

A number of research firms have commented on LHX. Deutsche Bank Aktiengesellschaft downgraded shares of L3Harris Technologies from a buy rating to a hold rating and increased their price objective for the company from $245.00 to $257.00 in a research note on Friday. Royal Bank of Canada lifted their price target on L3Harris Technologies from $245.00 to $250.00 and gave the stock an outperform rating in a research note on Monday, April 29th. Barclays boosted their price objective on L3Harris Technologies from $238.00 to $245.00 and gave the company an overweight rating in a report on Tuesday, April 30th. JPMorgan Chase & Co. increased their target price on L3Harris Technologies from $240.00 to $250.00 and gave the stock an overweight rating in a report on Wednesday, May 1st. Finally, 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 report on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $232.93.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, SVP Scott T. Mikuen sold 15,887 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares in the company, valued at approximately $11,189,760. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Scott T. Mikuen sold 15,887 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at approximately $11,189,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher E. Kubasik sold 26,190 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $225.70, for a total transaction of $5,911,083.00. Following the transaction, the chief executive officer now directly owns 120,326 shares in the company, valued at approximately $27,157,578.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 109,312 shares of company stock valued at $24,712,822. Company insiders own 0.82% of the company’s stock.

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.