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

L3Harris Technologies (NYSE:LHX) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 12.950-13.150 for the period, compared to the consensus earnings per share estimate of 13.040. The company issued revenue guidance of $21.1 billion-$21.3 billion, compared to the consensus revenue estimate of $21.3 billion. L3Harris Technologies also updated its FY24 guidance to $12.95-13.15 EPS.

L3Harris Technologies Stock Down 0.7 %

Shares of LHX traded down $1.65 during trading hours on Thursday, hitting $244.17. The company had a trading volume of 815,772 shares, compared to its average volume of 908,249. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $46.31 billion, a PE ratio of 39.64, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73. L3Harris Technologies has a one year low of $169.55 and a one year high of $250.88. The company’s fifty day moving average price is $236.24 and its two-hundred day moving average price is $226.77.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.30 billion. During the same period in the previous year, the company posted $2.97 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. As a group, equities analysts forecast that L3Harris Technologies will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a dividend of $1.16 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.90%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Wall Street Analysts Forecast Growth

LHX has been the topic of several analyst reports. Wells Fargo & Company cut their price target on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a report on Wednesday, July 31st. Susquehanna boosted their target price on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft decreased their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target on the stock in a research note on Thursday, October 10th. Finally, Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $275.00 to $257.00 in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.71.

Insider Activity

In related news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total transaction of $731,103.84. Following the completion of the transaction, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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.