L3Harris Technologies (NYSE:LHX) Announces Earnings Results

L3Harris Technologies (NYSE:LHX) posted its quarterly earnings data on Thursday. The company reported $3.34 earnings per share for the quarter, topping the consensus estimate of $3.27 by $0.07, Briefing.com reports. L3Harris Technologies had a return on equity of 13.02% and a net margin of 5.73%. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the company posted $3.19 EPS. The business’s quarterly revenue was up 7.7% on a year-over-year basis. L3Harris Technologies updated its FY24 guidance to $12.95-13.15 EPS and its FY 2024 guidance to 12.950-13.150 EPS.

L3Harris Technologies Stock Performance

LHX traded up $8.64 during trading hours on Friday, hitting $252.81. The stock had a trading volume of 1,622,126 shares, compared to its average volume of 626,107. The stock has a market cap of $47.96 billion, a PE ratio of 40.43, a price-to-earnings-growth ratio of 2.10 and a beta of 0.73. L3Harris Technologies has a 1 year low of $169.55 and a 1 year high of $258.89. The company has a quick ratio of 0.74, a current ratio of 0.90 and a debt-to-equity ratio of 0.56. The company’s fifty day simple moving average is $236.59 and its 200 day simple moving average is $226.89.

L3Harris Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Monday, November 18th will be paid a $1.16 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a yield of 1.84%. L3Harris Technologies’s dividend payout ratio (DPR) is presently 74.24%.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of L3Harris Technologies 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 transaction, the insider now directly owns 13,328 shares in the company, valued at approximately $3,261,095.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.82% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Citigroup lifted 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. Wells Fargo & Company cut their price objective on shares of L3Harris Technologies from $262.00 to $260.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft decreased their target price on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Royal Bank of Canada lowered L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $250.00 to $240.00 in a report on Wednesday, August 14th. Finally, Morgan Stanley downgraded L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $275.00 to $257.00 in a report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $256.71.

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.