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 (EPS) guidance of 12.700-13.050 for the period, compared to the consensus estimate of 12.710. The company issued revenue guidance of $20.8 billion-$21.3 billion, compared to the consensus revenue estimate of $21.2 billion. L3Harris Technologies also updated its FY24 guidance to $12.70-$13.05 EPS.

Analysts Set New Price Targets

A number of research firms recently commented on LHX. Royal Bank of Canada increased their price target on L3Harris Technologies from $235.00 to $245.00 and gave the stock an outperform rating in a research report on Monday, January 29th. JPMorgan Chase & Co. upgraded shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $240.00 price objective for the company in a research report on Thursday, January 11th. Raymond James upped their target price on shares of L3Harris Technologies from $220.00 to $235.00 and gave the stock an outperform rating in a research report on Monday, January 29th. Alembic Global Advisors raised shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price target on the stock in a research note on Monday. Finally, Wells Fargo & Company dropped their target price on L3Harris Technologies from $250.00 to $238.00 and set an overweight rating for the company in a research report on Tuesday, January 30th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $229.60.

L3Harris Technologies Price Performance

L3Harris Technologies stock traded down $0.35 during trading hours on Thursday, reaching $207.36. 1,163,212 shares of the stock were exchanged, compared to its average volume of 1,113,452. The stock has a 50 day moving average of $210.19 and a two-hundred day moving average of $200.99. The company has a market cap of $39.42 billion, a P/E ratio of 32.20, a price-to-earnings-growth ratio of 1.93 and a beta of 0.65. The company has a current ratio of 1.01, a quick ratio of 0.82 and a debt-to-equity ratio of 0.59. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $218.34.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings results on Friday, January 26th. The company reported $3.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.04. L3Harris Technologies had a return on equity of 12.68% and a net margin of 6.32%. The company had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter last year, the company posted $3.27 EPS. The company’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities analysts expect that L3Harris Technologies will post 12.73 EPS for the current fiscal year.

L3Harris Technologies Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 2.24%. The ex-dividend date is Friday, May 31st. L3Harris Technologies’s payout ratio is 72.05%.

Insider Activity

In related news, Director William H. Swanson bought 1,250 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were purchased at an average price of $215.35 per share, with a total value of $269,187.50. Following the completion of the purchase, the director now owns 1,543 shares in the company, valued at approximately $332,285.05. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Christopher E. Kubasik sold 40,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the transaction, the chief executive officer now owns 116,175 shares of the company’s stock, valued at $24,654,658.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Swanson acquired 1,250 shares of L3Harris Technologies stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the purchase, the director now owns 1,543 shares of the company’s stock, valued at $332,285.05. The disclosure for this purchase can be found here. In the last three months, insiders have sold 48,362 shares of company stock worth $10,261,360. Corporate 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.