L3Harris Technologies (NYSE:LHX) Releases FY24 Earnings Guidance

L3Harris Technologies (NYSE:LHX) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $12.95-13.15 for the period, compared to the consensus EPS estimate of $13.04. The company issued revenue guidance of $21.1-21.3 billion, compared to the consensus revenue estimate of $21.27 billion. L3Harris Technologies also updated its FY 2024 guidance to 12.950-13.150 EPS.

Wall Street Analysts Forecast Growth

LHX has been the topic of a number of recent analyst reports. Barclays lifted their price target on L3Harris Technologies from $245.00 to $265.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Susquehanna boosted their price target on shares of L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Morgan Stanley lowered shares of L3Harris Technologies from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Royal Bank of Canada downgraded shares of L3Harris Technologies from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $250.00 to $240.00 in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company dropped their price objective on L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $256.71.

L3Harris Technologies Price Performance

NYSE LHX traded up $8.49 on Friday, hitting $252.66. The stock had a trading volume of 1,620,586 shares, compared to its average volume of 911,712. The firm has a 50-day moving average of $236.59 and a 200-day moving average of $226.89. The company has a market capitalization of $47.92 billion, a price-to-earnings ratio of 41.03, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.74 and a current ratio of 0.90. L3Harris Technologies has a 52-week low of $169.55 and a 52-week high of $258.89.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings data on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same quarter last year, the company earned $3.19 earnings per share. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. Equities analysts expect that L3Harris Technologies will post 13.06 EPS for the current year.

L3Harris Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 18th will be paid a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Monday, November 18th. L3Harris Technologies’s dividend payout ratio is currently 75.32%.

Insider Buying and Selling at L3Harris Technologies

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total transaction of $707,199.84. Following the sale, the insider now owns 16,316 shares in the company, valued at $3,861,670.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.82% of the stock is currently owned by company insiders.

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.