L3Harris Technologies (NYSE:LHX) Announces Earnings Results, Beats Expectations By $0.07 EPS

L3Harris Technologies (NYSE:LHX) posted its earnings results on Thursday. The company reported $3.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.27 by $0.07, Briefing.com reports. The firm 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%. The company’s revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.19 EPS. 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

NYSE LHX traded up $8.64 during trading hours on Friday, hitting $252.81. The company had a trading volume of 1,620,429 shares, compared to its average volume of 911,712. L3Harris Technologies has a fifty-two week low of $169.55 and a fifty-two week 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 business has a fifty day simple moving average of $236.59 and a 200-day simple moving average of $226.89. The firm has a market cap of $47.95 billion, a P/E ratio of 41.03, a price-to-earnings-growth ratio of 2.08 and a beta of 0.73.

L3Harris Technologies Dividend Announcement

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

Insiders Place Their Bets

In other L3Harris Technologies news, insider Ross Niebergall sold 2,988 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $236.68, for a total value of $707,199.84. Following the sale, the insider now directly owns 16,316 shares of the company’s stock, valued at $3,861,670.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.82% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LHX shares. Truist Financial upped their price target on L3Harris Technologies from $250.00 to $293.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Morgan Stanley cut L3Harris Technologies from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $275.00 to $257.00 in a report on Friday, August 9th. Citigroup upped their price target on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft decreased their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a report on Thursday, October 3rd. Finally, Susquehanna upped their price target on L3Harris Technologies from $260.00 to $270.00 and gave the stock a “positive” rating in a report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company 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.