L3Harris Technologies (NYSE:LHX) Releases FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $12.70-$13.05 for the period, compared to the consensus 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 Performance

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

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings results on Thursday, April 25th. The company reported $3.06 EPS for the quarter, topping 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 business had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. During the same period last year, the firm earned $2.86 earnings per share. L3Harris Technologies’s revenue for the quarter was up 16.6% compared to the same quarter last year. As a group, research analysts predict that L3Harris Technologies will post 12.73 earnings per share for the current year.

L3Harris Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on LHX shares. UBS Group raised their target price on shares of L3Harris Technologies from $222.00 to $229.00 and gave the company a neutral rating in a report on Monday, January 29th. Royal Bank of Canada raised their price target on L3Harris Technologies from $235.00 to $245.00 and gave the company an outperform rating in a report on Monday, January 29th. Alembic Global Advisors raised 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. Wells Fargo & Company cut their target price on L3Harris Technologies from $250.00 to $238.00 and set an overweight rating on the stock in a research report on Tuesday, January 30th. Finally, Raymond James upped their price objective on L3Harris Technologies from $220.00 to $235.00 and gave the company an outperform rating in a research report on Monday, January 29th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, L3Harris Technologies has an average rating of Moderate Buy and a consensus target price of $229.60.

Insider Buying and Selling at L3Harris Technologies

In other news, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was 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 directly owns 116,175 shares of the company’s stock, valued at approximately $24,654,658.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, SVP Scott T. Mikuen sold 1,292 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $211.14, for a total value of $272,792.88. Following the completion of the transaction, the senior vice president now directly owns 58,617 shares of the company’s stock, valued at approximately $12,376,393.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christopher E. Kubasik sold 40,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 116,175 shares in the company, valued at approximately $24,654,658.50. The disclosure for this sale can be found here. Insiders sold a total of 48,362 shares of company stock valued at $10,261,360 in the last ninety days. 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.