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

L3Harris Technologies (NYSE:LHX) released its earnings results on Thursday. The company reported $3.34 earnings per share (EPS) 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 analysts’ expectations of $5.28 billion. During the same quarter last year, the business posted $3.19 earnings per share. The firm’s 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 Trading Up 3.5 %

Shares of NYSE LHX traded up $8.64 during midday trading on Friday, hitting $252.81. The company’s stock had a trading volume of 1,620,429 shares, 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. The business’s 50 day moving average is $236.59 and its two-hundred day moving average is $226.89. L3Harris Technologies has a 12-month low of $169.55 and a 12-month high of $258.89. 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 Announces Dividend

The firm 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 $1.16 dividend. 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 payout ratio is 75.32%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on LHX shares. Royal Bank of Canada cut L3Harris Technologies from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $250.00 to $240.00 in a research report on Wednesday, August 14th. Citigroup increased their target price on L3Harris Technologies from $268.00 to $291.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wolfe Research raised L3Harris Technologies from a “peer perform” rating to an “outperform” rating and set a $300.00 price target for the company in a research note on Thursday, October 10th. Deutsche Bank Aktiengesellschaft dropped their price target on L3Harris Technologies from $252.00 to $250.00 and set a “hold” rating for the company in a research note on Thursday, October 3rd. Finally, Susquehanna increased their price target on L3Harris Technologies from $260.00 to $270.00 and gave the company a “positive” rating in a research note on Monday, July 29th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average 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 stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $244.68, for a total value of $731,103.84. Following the sale, the insider now directly owns 13,328 shares in the company, valued at approximately $3,261,095.04. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company 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.