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

L3Harris Technologies (NYSE:LHX) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 12.850-13.150 for the period, compared to the consensus earnings per share estimate of 12.970. The company issued revenue guidance of $21.0 billion-$21.3 billion, compared to the consensus revenue estimate of $21.2 billion. L3Harris Technologies also updated its FY24 guidance to $12.85-13.15 EPS.

Analysts Set New Price Targets

A number of brokerages recently commented on LHX. JPMorgan Chase & Co. increased their price target on L3Harris Technologies from $240.00 to $250.00 and gave the company an overweight rating in a research note on Wednesday, May 1st. Barclays raised their price objective on L3Harris Technologies from $238.00 to $245.00 and gave the company an overweight rating in a research note on Tuesday, April 30th. Alembic Global Advisors raised L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price objective for the company in a research note on Monday, April 22nd. Royal Bank of Canada raised their price objective on L3Harris Technologies from $245.00 to $250.00 and gave the company an outperform rating in a research note on Monday, April 29th. Finally, Deutsche Bank Aktiengesellschaft cut L3Harris Technologies from a buy rating to a hold rating and boosted their price objective for the company from $245.00 to $257.00 in a report on Friday. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $232.93.

L3Harris Technologies Stock Down 5.7 %

NYSE:LHX traded down $13.86 during mid-day trading on Friday, hitting $229.41. 2,215,825 shares of the company’s stock traded hands, compared to its average volume of 995,252. The company has a fifty day moving average of $226.21 and a 200 day moving average of $215.96. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $245.60. The company has a market capitalization of $43.51 billion, a P/E ratio of 37.24, a P/E/G ratio of 1.97 and a beta of 0.72. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.80 and a current ratio of 0.98.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, July 25th. The company reported $3.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.18 by $0.06. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.30 billion. During the same period in the prior year, the company posted $2.97 EPS. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, analysts forecast that L3Harris Technologies will post 12.99 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be paid a dividend of $1.16 per share. The ex-dividend date is Friday, September 6th. This represents a $4.64 annualized dividend and a yield of 2.02%. L3Harris Technologies’s payout ratio is presently 75.32%.

Insider Buying and Selling at L3Harris Technologies

In other news, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $218.00, for a total value of $731,172.00. Following the sale, the vice president now owns 17,540 shares in the company, valued at $3,823,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $218.00, for a total value of $731,172.00. Following the sale, the vice president now owns 17,540 shares in the company, valued at $3,823,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Christopher E. Kubasik sold 26,190 shares of the company’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $225.70, for a total value of $5,911,083.00. Following the completion of the sale, the chief executive officer now owns 120,326 shares in the company, valued at approximately $27,157,578.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,312 shares of company stock worth $24,712,822. 0.82% of the stock is currently owned by insiders.

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.