L3Harris Technologies (NYSE:LHX) Issues 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 $12.70-$13.05 for the period, compared to the consensus earnings per share estimate of $12.71. The company issued revenue guidance of $20.8-$21.3 billion, compared to the consensus revenue estimate of $21.19 billion. L3Harris Technologies also updated its FY 2024 guidance to 12.700-13.050 EPS.

L3Harris Technologies Stock Up 3.5 %

Shares of LHX stock traded up $7.18 during trading on Friday, reaching $214.54. The company’s stock had a trading volume of 2,133,539 shares, compared to its average volume of 1,010,338. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.82. The company has a market capitalization of $40.79 billion, a price-to-earnings ratio of 34.83, a P/E/G ratio of 1.93 and a beta of 0.65. The stock’s 50-day moving average price is $210.16 and its 200 day moving average price is $201.28. L3Harris Technologies has a 1-year low of $160.25 and a 1-year high of $218.34.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, April 25th. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.17. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The firm had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.11 billion. During the same quarter in the previous year, the business posted $2.86 earnings per share. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, research analysts anticipate that L3Harris Technologies will post 12.73 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be issued a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 2.16%. The ex-dividend date is Friday, May 31st. L3Harris Technologies’s dividend payout ratio (DPR) is presently 75.32%.

Wall Street Analyst Weigh In

LHX has been the subject of several analyst reports. Raymond James boosted their price target on shares of L3Harris Technologies from $220.00 to $235.00 and gave the stock an outperform rating in a report on Monday, January 29th. StockNews.com cut shares of L3Harris Technologies from a buy rating to a hold rating in a report on Monday, January 29th. UBS Group boosted their price target on shares of L3Harris Technologies from $222.00 to $229.00 and gave the company a neutral rating in a research report on Monday, January 29th. Citigroup lifted their target price on L3Harris Technologies from $238.00 to $245.00 and gave the stock a buy rating in a research report on Tuesday, February 13th. Finally, Alembic Global Advisors upgraded L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 target price on the stock in a research report on Monday, April 22nd. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, L3Harris Technologies has a consensus rating of Moderate Buy and a consensus price target of $229.60.

Insider Buying and Selling

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 40,000 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $212.22, for a total value of $8,488,800.00. Following the sale, the chief executive officer now owns 116,175 shares of the company’s stock, valued at approximately $24,654,658.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other L3Harris Technologies news, Director William H. Swanson acquired 1,250 shares of the stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $215.35 per share, with a total value of $269,187.50. Following the acquisition, the director now owns 1,543 shares of the company’s stock, valued at $332,285.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Christopher E. Kubasik sold 40,000 shares of L3Harris Technologies stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $212.22, for a total value of $8,488,800.00. Following the completion of the sale, the chief executive officer now directly owns 116,175 shares in the company, valued at approximately $24,654,658.50. The disclosure for this sale can be found here. Insiders have sold a total of 48,362 shares of company stock valued at $10,261,360 over the last quarter. 0.82% of the stock is currently owned by 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.