L3Harris Technologies (NYSE:LHX) Issues FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $12.70-$13.05 for the period, compared to the consensus EPS 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 Stock Down 0.2 %

Shares of LHX traded down $0.35 on Thursday, reaching $207.36. The company’s stock had a trading volume of 1,168,622 shares, compared to its average volume of 1,113,335. The company has a current ratio of 1.01, a quick ratio of 0.82 and a debt-to-equity ratio of 0.59. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $218.34. The stock has a market capitalization of $39.42 billion, a PE ratio of 32.25, a PEG ratio of 1.93 and a beta of 0.65. The firm has a fifty day moving average of $210.19 and a 200-day moving average of $200.99.

L3Harris Technologies (NYSE:LHX) last posted its earnings results on Friday, January 26th. The company reported $3.35 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $0.04. L3Harris Technologies had a net margin of 6.32% and a return on equity of 12.68%. The company had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the prior year, the business posted $3.27 EPS. The firm’s revenue was up 16.6% compared to the same quarter last year. Equities analysts predict that L3Harris Technologies will post 12.73 EPS for the current year.

L3Harris Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Tuesday, June 4th will be paid a $1.16 dividend. The ex-dividend date is Friday, May 31st. This represents a $4.64 annualized dividend and a yield of 2.24%. L3Harris Technologies’s dividend payout ratio (DPR) is 72.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on LHX shares. UBS Group increased their price objective on shares of L3Harris Technologies from $222.00 to $229.00 and gave the company a neutral rating in a research note on Monday, January 29th. Alembic Global Advisors upgraded shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $238.00 price target for the company in a research note on Monday. JPMorgan Chase & Co. upgraded shares of L3Harris Technologies from a neutral rating to an overweight rating and set a $240.00 price target for the company in a research note on Thursday, January 11th. Wells Fargo & Company cut their price objective 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. Finally, StockNews.com downgraded shares of L3Harris Technologies from a buy rating to a hold rating in a report on Monday, January 29th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies has a consensus rating of Moderate Buy and a consensus target price of $229.60.

Insider Buying and Selling

In related news, CEO Christopher E. Kubasik sold 40,000 shares of L3Harris Technologies stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the transaction, the chief executive officer now directly owns 116,175 shares of the company’s stock, valued at approximately $24,654,658.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Christopher E. Kubasik sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $212.22, for a total transaction of $8,488,800.00. Following the completion of the transaction, the chief executive officer now owns 116,175 shares in the company, valued at approximately $24,654,658.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Scott T. Mikuen sold 1,292 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $211.14, for a total transaction of $272,792.88. Following the completion of the transaction, the senior vice president now directly owns 58,617 shares of the company’s stock, valued at approximately $12,376,393.38. The disclosure for this sale can be found here. Insiders have sold 48,362 shares of company stock valued at $10,261,360 over the last quarter. Corporate 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.