L3Harris Technologies (NYSE:LHX) Updates FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $12.70-$13.05 for the period, compared to the consensus earnings per share 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.

Analyst Ratings Changes

Several research firms have recently issued reports on LHX. Alembic Global Advisors upgraded shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price objective on the stock in a report on Monday, April 22nd. Royal Bank of Canada upped their price objective on shares of L3Harris Technologies from $235.00 to $245.00 and gave the company an outperform rating in a report on Monday, January 29th. Wells Fargo & Company cut their price target on shares of L3Harris Technologies from $250.00 to $238.00 and set an overweight rating on the stock in a report on Tuesday, January 30th. StockNews.com downgraded shares of L3Harris Technologies from a buy rating to a hold rating in a report on Monday, January 29th. Finally, Raymond James increased their price target on shares of L3Harris Technologies from $220.00 to $235.00 and gave the stock an outperform rating in a report on Monday, January 29th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $229.60.

L3Harris Technologies Stock Performance

Shares of NYSE LHX traded up $7.18 during midday trading on Friday, reaching $214.54. 2,133,539 shares of the stock were exchanged, compared to its average volume of 1,010,338. The firm has a market cap of $40.79 billion, a price-to-earnings ratio of 34.83, a PEG ratio of 1.93 and a beta of 0.65. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $218.34. The firm has a 50-day simple moving average of $210.16 and a two-hundred day simple moving average of $201.28. The company has a quick ratio of 0.82, a current ratio of 1.01 and a debt-to-equity ratio of 0.59.

L3Harris Technologies (NYSE:LHX) last announced its earnings results on Thursday, April 25th. The company reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.17. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The firm had revenue of $5.21 billion for the quarter, compared to analyst estimates of $5.11 billion. During the same quarter last year, the firm posted $2.86 EPS. The business’s revenue was up 16.6% on a year-over-year basis. As a group, analysts anticipate that L3Harris Technologies will post 12.73 EPS for the current fiscal year.

L3Harris Technologies Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th will be given a dividend of $1.16 per share. The ex-dividend date is Friday, May 31st. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.16%. L3Harris Technologies’s dividend payout ratio (DPR) is 75.32%.

Insider Activity

In other L3Harris Technologies news, SVP Scott T. Mikuen sold 1,292 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $211.14, for a total value of $272,792.88. Following the transaction, the senior vice president now owns 58,617 shares in the company, valued at approximately $12,376,393.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other L3Harris Technologies news, SVP Scott T. Mikuen sold 1,292 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $211.14, for a total value of $272,792.88. Following the transaction, the senior vice president now owns 58,617 shares in the company, valued at approximately $12,376,393.38. The sale was disclosed in a legal filing 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 on Thursday, March 14th. The stock was purchased at an average price of $215.35 per share, for a total transaction of $269,187.50. Following the acquisition, the director now directly owns 1,543 shares in the company, valued at approximately $332,285.05. The disclosure for this purchase can be found here. Insiders have sold 48,362 shares of company stock worth $10,261,360 in the last quarter. 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.