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

L3Harris Technologies (NYSE:LHX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 12.850-13.150 for the period, compared to the consensus estimate of 12.970. The company issued revenue guidance of $21.0 billion-$21.3 billion, compared to the consensus revenue estimate of $21.2 billion. L3Harris Technologies also updated its FY24 guidance to $12.85-13.15 EPS.

L3Harris Technologies Price Performance

Shares of L3Harris Technologies stock traded down $13.86 on Friday, reaching $229.41. 2,302,156 shares of the stock were exchanged, compared to its average volume of 866,132. The firm’s 50 day moving average is $226.21 and its 200-day moving average is $216.05. L3Harris Technologies has a one year low of $160.25 and a one year high of $245.60. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.80 and a current ratio of 0.98. The firm has a market cap of $43.51 billion, a PE ratio of 37.24, a P/E/G ratio of 1.91 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.05%. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. During the same period in the prior year, the company posted $2.97 EPS. The company’s revenue was up 12.9% on a year-over-year basis. As a group, analysts anticipate that L3Harris Technologies will post 12.99 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be given a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Friday, September 6th. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on LHX shares. Barclays increased their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an overweight rating in a research report on Tuesday, April 30th. Alembic Global Advisors raised shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price objective on the stock in a research note on Monday, April 22nd. Royal Bank of Canada raised their price target on shares of L3Harris Technologies from $245.00 to $250.00 and gave the company an outperform rating in a research report on Monday, April 29th. Wells Fargo & Company raised their price objective on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an overweight rating in a report on Tuesday, May 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of L3Harris Technologies from $240.00 to $250.00 and gave the stock an overweight rating in a report on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, L3Harris Technologies has an average rating of Moderate Buy and an average price target of $232.93.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, SVP Scott T. Mikuen sold 15,887 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the transaction, the senior vice president now owns 47,616 shares in the company, valued at approximately $11,189,760. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the transaction, the senior vice president now owns 47,616 shares in the company, valued at approximately $11,189,760. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Christopher E. Kubasik sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $225.11, for a total transaction of $5,627,750.00. Following the completion of the sale, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $27,086,585.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,312 shares of company stock worth $24,712,822. Company 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.