L3Harris Technologies (NYSE:LHX) Releases FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $12.95-13.15 for the period, compared to the consensus estimate of $13.04. The company issued revenue guidance of $21.1-21.3 billion, compared to the consensus revenue estimate of $21.27 billion. L3Harris Technologies also updated its FY 2024 guidance to 12.950-13.150 EPS.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LHX. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective for the company in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft cut their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Citigroup raised their price target on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Wells Fargo & Company cut their price objective on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $256.71.

L3Harris Technologies Stock Performance

Shares of LHX stock traded up $8.64 during mid-day trading on Friday, reaching $252.81. The stock had a trading volume of 1,622,126 shares, compared to its average volume of 626,107. L3Harris Technologies has a 1-year low of $169.55 and a 1-year high of $258.89. The firm has a market cap of $47.96 billion, a price-to-earnings ratio of 40.45, a PEG ratio of 2.10 and a beta of 0.73. 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 business’s fifty day moving average is $237.08 and its 200-day moving average is $227.19.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.07. The business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The company’s revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business posted $3.19 EPS. On average, research analysts forecast that L3Harris Technologies will post 13.06 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a $1.16 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.64 annualized dividend and a dividend yield of 1.84%. L3Harris Technologies’s dividend payout ratio is presently 74.24%.

Insider Transactions at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the completion of the sale, the insider now directly owns 16,316 shares in the company, valued at approximately $3,861,670.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.