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

L3Harris Technologies (NYSE:LHX) issued an update on its FY 2024 earnings guidance on Thursday morning. 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.

L3Harris Technologies Trading Down 5.7 %

Shares of LHX stock traded down $13.86 during mid-day trading on Friday, reaching $229.41. The stock had a trading volume of 2,302,156 shares, compared to its average volume of 866,132. L3Harris Technologies has a 52-week low of $160.25 and a 52-week high of $245.60. The company has a current ratio of 0.98, a quick ratio of 0.80 and a debt-to-equity ratio of 0.59. The stock’s 50-day moving average price is $226.21 and its two-hundred day moving average price is $216.05. The firm has a market capitalization of $43.51 billion, a PE ratio of 37.24, a price-to-earnings-growth ratio of 1.91 and a beta of 0.72.

L3Harris Technologies (NYSE:LHX) last announced its quarterly 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 net margin of 5.73% and a return on equity of 13.05%. The company had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.30 billion. During the same quarter in the previous year, the company earned $2.97 earnings per share. L3Harris Technologies’s quarterly revenue was up 12.9% on a year-over-year basis. Equities analysts expect that L3Harris Technologies will post 12.99 earnings per share for the current fiscal year.

L3Harris Technologies Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on LHX shares. JPMorgan Chase & Co. upped their target price on shares of L3Harris Technologies from $240.00 to $250.00 and gave the stock an overweight rating in a research note on Wednesday, May 1st. Royal Bank of Canada upped their target price on shares of L3Harris Technologies from $245.00 to $250.00 and gave the stock an outperform rating in a research note on Monday, April 29th. Wells Fargo & Company upped their target price on shares of L3Harris Technologies from $238.00 to $245.00 and gave the stock an overweight rating in a research note on Tuesday, May 7th. Deutsche Bank Aktiengesellschaft downgraded shares of L3Harris Technologies from a buy rating to a hold rating and upped their target price for the stock from $245.00 to $257.00 in a research note on Friday. Finally, Alembic Global Advisors upgraded shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 target price on the stock in a research note on Monday, April 22nd. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, L3Harris Technologies presently has a consensus rating of Moderate Buy and a consensus price target of $232.93.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, CEO Christopher E. Kubasik sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $225.11, for a total transaction of $5,627,750.00. Following the completion of the sale, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $27,086,585.86. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Christopher E. Kubasik sold 25,000 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $225.11, for a total value of $5,627,750.00. Following the completion of the sale, the chief executive officer now directly owns 120,326 shares of the company’s stock, valued at $27,086,585.86. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Scott T. Mikuen sold 15,887 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $235.00, for a total transaction of $3,733,445.00. Following the completion of the sale, the senior vice president now directly owns 47,616 shares of the company’s stock, valued at $11,189,760. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 109,312 shares of company stock valued at $24,712,822. Insiders own 0.82% of the company’s stock.

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.