L3Harris Technologies (NYSE:LHX) Releases Earnings Results, Beats Estimates By $0.17 EPS

L3Harris Technologies (NYSE:LHX) announced its quarterly earnings results on Thursday. The company reported $3.06 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.17, Briefing.com reports. L3Harris Technologies had a return on equity of 12.68% and a net margin of 6.32%. The company had revenue of $5.21 billion during the quarter, compared to analysts’ expectations of $5.11 billion. During the same period in the prior year, the company earned $2.86 EPS. L3Harris Technologies’s revenue was up 16.6% compared to the same quarter last year. 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 Up 3.5 %

Shares of LHX traded up $7.18 during trading hours on Friday, reaching $214.54. The stock had a trading volume of 2,131,337 shares, compared to its average volume of 1,126,028. L3Harris Technologies has a 12 month low of $160.25 and a 12 month high of $218.34. The firm has a 50-day simple moving average of $210.11 and a 200 day simple moving average of $201.04. The company has a current ratio of 1.01, a quick ratio of 0.82 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $40.79 billion, a price-to-earnings ratio of 33.02, a P/E/G ratio of 1.93 and a beta of 0.65.

L3Harris Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Tuesday, June 4th will be issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Friday, May 31st. L3Harris Technologies’s dividend payout ratio is currently 72.05%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on LHX. Wells Fargo & Company decreased their price objective on L3Harris Technologies from $250.00 to $238.00 and set an “overweight” rating for the company in a report on Tuesday, January 30th. Royal Bank of Canada increased their price objective on L3Harris Technologies from $235.00 to $245.00 and gave the company an “outperform” rating in a report on Monday, January 29th. UBS Group increased their price target on L3Harris Technologies from $222.00 to $229.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Raymond James boosted their price objective on L3Harris Technologies from $220.00 to $235.00 and gave the company an “outperform” rating in a research note on Monday, January 29th. Finally, Alembic Global Advisors upgraded 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. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $229.60.

Insider Buying and Selling

In related news, SVP Scott T. Mikuen sold 1,292 shares of the 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 completion of the sale, the senior vice president now directly owns 58,617 shares of the company’s stock, valued at approximately $12,376,393.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Scott T. Mikuen sold 1,292 shares of the 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 completion of the sale, the senior vice president now directly owns 58,617 shares of the company’s stock, valued at approximately $12,376,393.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Swanson purchased 1,250 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average cost of $215.35 per share, with a total value of $269,187.50. Following the completion of the transaction, 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 a total of 48,362 shares of company stock worth $10,261,360 in the last ninety days. 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.