L3Harris Technologies (NYSE:LHX) Issues 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 Stock Performance

Shares of LHX traded down $1.65 on Thursday, reaching $244.17. The company’s stock had a trading volume of 840,549 shares, compared to its average volume of 908,248. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.90 and a quick ratio of 0.74. The stock has a market capitalization of $46.31 billion, a P/E ratio of 39.64, a PEG ratio of 2.08 and a beta of 0.73. The stock’s 50 day simple moving average is $236.24 and its two-hundred day simple moving average is $226.77. L3Harris Technologies has a 12-month low of $169.55 and a 12-month high of $250.88.

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

L3Harris Technologies Dividend Announcement

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

Wall Street Analysts Forecast Growth

LHX has been the topic of a number of research reports. Royal Bank of Canada downgraded shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $250.00 to $240.00 in a report on Wednesday, August 14th. Citigroup lifted their price target on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Morgan Stanley downgraded shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $275.00 to $257.00 in a report on Friday, August 9th. Barclays lifted their price target on shares of L3Harris Technologies from $245.00 to $265.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Finally, Truist Financial lifted their price target on shares of L3Harris Technologies from $250.00 to $293.00 and gave the company a “buy” rating in a report on Friday, October 18th. Five research 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, the company has a consensus rating of “Moderate Buy” and an average price target of $256.71.

Insider Transactions at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $244.68, for a total value of $731,103.84. Following the transaction, the insider now owns 13,328 shares of the company’s stock, valued at approximately $3,261,095.04. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.