L3Harris Technologies (NYSE:LHX) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

L3Harris Technologies (NYSE:LHX) posted its quarterly earnings data on Thursday. The company reported $3.24 earnings per share for the quarter, topping the consensus estimate of $3.18 by $0.06, Briefing.com reports. L3Harris Technologies had a net margin of 5.82% and a return on equity of 12.82%. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. During the same quarter in the previous year, the company posted $2.97 EPS. L3Harris Technologies’s revenue was up 12.9% on a year-over-year basis. L3Harris Technologies updated its FY24 guidance to $12.85-13.15 EPS and its FY 2024 guidance to 12.850-13.150 EPS.

L3Harris Technologies Stock Down 5.7 %

NYSE LHX traded down $13.86 on Friday, reaching $229.41. The company had a trading volume of 2,215,825 shares, compared to its average volume of 995,252. The firm has a market capitalization of $43.51 billion, a price-to-earnings ratio of 37.24, a price-to-earnings-growth 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 has a 1-year low of $160.25 and a 1-year high of $245.60. The company’s fifty day moving average is $226.21 and its 200-day moving average is $215.96.

L3Harris Technologies Dividend Announcement

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

Insider Buying and Selling

In related news, VP Sean J. Stackley sold 3,354 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $216.73, for a total value of $726,912.42. Following the completion of the transaction, the vice president now directly owns 14,186 shares of the company’s stock, valued at approximately $3,074,531.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Scott T. Mikuen sold 15,887 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $235.00, for a total value of $3,733,445.00. Following the completion of the transaction, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at approximately $11,189,760. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sean J. Stackley sold 3,354 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $216.73, for a total transaction of $726,912.42. Following the transaction, the vice president now owns 14,186 shares of the company’s stock, valued at $3,074,531.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,312 shares of company stock valued at $24,712,822. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on LHX. Barclays upped their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. Royal Bank of Canada upped their target price on shares of L3Harris Technologies from $245.00 to $250.00 and gave the company an “outperform” rating in a research report on Monday, April 29th. JPMorgan Chase & Co. upped their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Alembic Global Advisors upgraded shares of L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 target price for the company in a research report on Monday, April 22nd. Finally, Wells Fargo & Company upped their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $232.93.

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.