L3Harris Technologies (NYSE:LHX) Releases FY 2024 Earnings Guidance

L3Harris Technologies (NYSE:LHX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 12.950-13.150 for the period, compared to the consensus EPS estimate of 13.040. The company issued revenue guidance of $21.1 billion-$21.3 billion, compared to the consensus revenue estimate of $21.3 billion. L3Harris Technologies also updated its FY24 guidance to $12.95-13.15 EPS.

L3Harris Technologies Price Performance

Shares of LHX stock traded down $1.65 on Thursday, reaching $244.17. The company’s stock had a trading volume of 815,772 shares, compared to its average volume of 908,249. The stock’s fifty day simple moving average is $236.24 and its 200-day simple moving average is $226.77. L3Harris Technologies has a 1 year low of $169.55 and a 1 year high of $250.88. The company has a market capitalization of $46.31 billion, a price-to-earnings ratio of 39.64, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73. The company has a current ratio of 0.90, a quick ratio of 0.74 and a debt-to-equity ratio of 0.56.

L3Harris Technologies (NYSE:LHX) last issued its quarterly earnings data on Thursday, July 25th. The company reported $3.24 EPS for the quarter, topping analysts’ consensus estimates of $3.18 by $0.06. The business had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.30 billion. L3Harris Technologies had a net margin of 5.73% and a return on equity of 13.02%. The business’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the company posted $2.97 EPS. Analysts forecast that L3Harris Technologies will post 13.06 earnings per share for the current fiscal year.

L3Harris Technologies Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be given a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 annualized dividend and a yield of 1.90%. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Analysts Set New Price Targets

LHX has been the topic of a number of recent research reports. Wolfe Research upgraded L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price objective on the stock in a research report on Thursday, October 10th. Royal Bank of Canada lowered L3Harris Technologies from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $250.00 to $240.00 in a report on Wednesday, August 14th. Wells Fargo & Company dropped their price objective on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Susquehanna increased their target price on shares of L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Finally, Citigroup raised their target price on shares of L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, L3Harris Technologies has an average rating of “Moderate Buy” and an average target price of $256.71.

Insider Activity at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total transaction of $731,103.84. Following the transaction, the insider now directly owns 13,328 shares in the company, valued at $3,261,095.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.82% of the stock is owned by company insiders.

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.