L3Harris Technologies (NYSE:LHX) Issues FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) updated its FY24 earnings guidance on Thursday. 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.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on LHX. Wells Fargo & Company cut their target price on shares of L3Harris Technologies from $250.00 to $238.00 and set an overweight rating for the company in a report on Tuesday, January 30th. 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. Citigroup lifted their target price on L3Harris Technologies from $238.00 to $245.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Alembic Global Advisors raised L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 target price on the stock in a research report on Monday, April 22nd. Finally, JPMorgan Chase & Co. raised L3Harris Technologies from a neutral rating to an overweight rating and set a $240.00 target price on the stock in a research report on Thursday, January 11th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $229.60.

L3Harris Technologies Trading Up 3.5 %

L3Harris Technologies stock traded up $7.18 during mid-day trading on Friday, hitting $214.54. The company’s stock had a trading volume of 2,133,539 shares, compared to its average volume of 1,010,338. The company has a 50 day moving average of $210.16 and a 200-day moving average of $201.44. The stock has a market cap of $40.79 billion, a PE ratio of 34.83, a P/E/G ratio of 1.99 and a beta of 0.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.82 and a current ratio of 1.01. L3Harris Technologies has a one year low of $160.25 and a one year high of $218.34.

L3Harris Technologies (NYSE:LHX) last announced its quarterly earnings data on Thursday, April 25th. The company reported $3.06 EPS for the quarter, beating the consensus estimate of $2.89 by $0.17. The company had revenue of $5.21 billion for the quarter, compared to the consensus estimate of $5.11 billion. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. L3Harris Technologies’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.86 EPS. On average, research analysts anticipate that L3Harris Technologies will post 12.76 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be issued a $1.16 dividend. This represents a $4.64 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, May 31st. L3Harris Technologies’s dividend payout ratio is 75.32%.

Insiders Place Their Bets

In other L3Harris Technologies news, insider Edward J. Zoiss sold 3,707 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total value of $783,919.29. Following the completion of the sale, the insider now directly owns 28,644 shares in the company, valued at approximately $6,057,346.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Edward J. Zoiss sold 3,707 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $211.47, for a total transaction of $783,919.29. Following the completion of the sale, the insider now directly owns 28,644 shares in the company, valued at approximately $6,057,346.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Swanson acquired 1,250 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were bought at an average price of $215.35 per share, with a total value of $269,187.50. Following the completion of the purchase, the director now directly owns 1,543 shares in the company, valued at $332,285.05. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 48,362 shares of company stock worth $10,261,360. 0.82% of the stock is currently owned by company insiders.

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.