L3Harris Technologies (NYSE:LHX) Issues Quarterly Earnings Results, Beats Expectations By $0.17 EPS

L3Harris Technologies (NYSE:LHX) posted its quarterly earnings data on Thursday. The company reported $3.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.17, Briefing.com reports. The company had revenue of $5.21 billion during the quarter, compared to analyst estimates of $5.11 billion. L3Harris Technologies had a return on equity of 12.82% and a net margin of 5.82%. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter last year, the company earned $2.86 earnings per share. L3Harris Technologies updated its FY24 guidance to $12.70-$13.05 EPS and its FY 2024 guidance to 12.700-13.050 EPS.

L3Harris Technologies Stock Performance

L3Harris Technologies stock opened at $214.54 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.01 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $40.79 billion, a P/E ratio of 34.83, a PEG ratio of 1.93 and a beta of 0.65. The stock’s 50 day moving average is $210.16 and its 200 day moving average is $201.28. L3Harris Technologies has a twelve month low of $160.25 and a twelve month high of $218.34.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors 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 dividend yield of 2.16%. L3Harris Technologies’s payout ratio is currently 75.32%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on LHX. Alembic Global Advisors raised L3Harris Technologies from a “neutral” rating to an “overweight” rating and set a $238.00 price objective for the company in a research note on Monday, April 22nd. StockNews.com lowered L3Harris Technologies from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Raymond James lifted their price target on L3Harris Technologies from $220.00 to $235.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Wells Fargo & Company dropped their price target on L3Harris Technologies from $250.00 to $238.00 and set an “overweight” rating for the company in a research note on Tuesday, January 30th. Finally, Royal Bank of Canada lifted their price target on L3Harris Technologies from $235.00 to $245.00 and gave the stock an “outperform” rating in a research note 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, the stock has an average rating of “Moderate Buy” and an average target price of $229.60.

Insider Buying and Selling

In other L3Harris Technologies news, Director William H. Swanson bought 1,250 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were acquired at an average cost of $215.35 per share, for a total transaction of $269,187.50. Following the purchase, the director now owns 1,543 shares in the company, valued at approximately $332,285.05. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other 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 directly owns 58,617 shares in the company, valued at approximately $12,376,393.38. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William H. Swanson purchased 1,250 shares of the company’s stock in a transaction dated 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 completion of the purchase, the director now owns 1,543 shares in the company, valued at $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 90 days. 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.