L3Harris Technologies (NYSE:LHX) Announces Earnings Results

L3Harris Technologies (NYSE:LHX) issued its earnings results on Thursday. The company reported $3.34 EPS for the quarter, topping the consensus estimate of $3.27 by $0.07, Briefing.com reports. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.19 EPS. L3Harris Technologies updated its FY24 guidance to $12.95-13.15 EPS and its FY 2024 guidance to 12.950-13.150 EPS.

L3Harris Technologies Stock Performance

NYSE LHX traded up $8.44 during trading hours on Friday, reaching $252.61. The company’s stock had a trading volume of 1,186,545 shares, compared to its average volume of 909,616. The stock has a market cap of $47.92 billion, a PE ratio of 41.03, a PEG ratio of 2.08 and a beta of 0.73. The business has a 50-day simple moving average of $236.59 and a 200 day simple moving average of $226.89. L3Harris Technologies has a 52 week low of $169.55 and a 52 week high of $258.89. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56.

L3Harris Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on LHX shares. Wells Fargo & Company lowered their target price on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Truist Financial boosted their target price on L3Harris Technologies from $250.00 to $293.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Wolfe Research upgraded shares of L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft lowered their price target 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. Finally, Susquehanna increased their price objective on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $256.71.

Insider Buying and Selling

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

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.