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.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft dropped their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating on the stock in a research report on Thursday, October 3rd. Citigroup boosted their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $275.00 to $257.00 in a research report on Friday, August 9th. Wolfe Research upgraded shares of 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. Finally, Truist Financial increased their price target on shares of L3Harris Technologies from $250.00 to $293.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $256.71.

L3Harris Technologies Price Performance

NYSE:LHX traded up $8.49 during trading hours on Friday, hitting $252.66. 1,620,586 shares of the stock were exchanged, compared to its average volume of 911,712. 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 has a 52-week low of $169.55 and a 52-week high of $258.89. The company has a market cap of $47.92 billion, a P/E ratio of 41.03, a P/E/G ratio of 2.08 and a beta of 0.73. The firm’s fifty day moving average price is $236.59 and its 200 day moving average price is $226.89.

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

L3Harris Technologies Dividend Announcement

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

Insider Activity at L3Harris Technologies

In other news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 13,328 shares of the company’s stock, valued at $3,261,095.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.82% of the stock is currently owned by 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.