Seaport Res Ptn Has Bullish Outlook for LHX FY2024 Earnings

L3Harris Technologies, Inc. (NYSE:LHX) – Equities research analysts at Seaport Res Ptn upped their FY2024 earnings per share estimates for L3Harris Technologies in a note issued to investors on Thursday, December 12th. Seaport Res Ptn analyst R. Safran now forecasts that the company will earn $13.08 per share for the year, up from their previous estimate of $13.06. The consensus estimate for L3Harris Technologies’ current full-year earnings is $13.09 per share. Seaport Res Ptn also issued estimates for L3Harris Technologies’ Q4 2024 earnings at $3.44 EPS, Q1 2025 earnings at $3.35 EPS, Q3 2025 earnings at $3.67 EPS and FY2025 earnings at $14.36 EPS.

A number of other research analysts have also weighed in on the company. Bank of America raised L3Harris Technologies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $240.00 to $300.00 in a report on Thursday, October 31st. Citigroup increased their price objective on shares of L3Harris Technologies from $268.00 to $291.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Royal Bank of Canada raised their target price on shares of L3Harris Technologies from $240.00 to $265.00 and gave the stock a “sector perform” rating in a research note on Monday, October 28th. Wells Fargo & Company decreased their price target on shares of L3Harris Technologies from $295.00 to $287.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 11th. Finally, StockNews.com upgraded shares of L3Harris Technologies from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $269.13.

L3Harris Technologies Price Performance

NYSE:LHX opened at $222.04 on Monday. L3Harris Technologies has a 12-month low of $200.18 and a 12-month high of $265.74. The firm has a market capitalization of $42.11 billion, a price-to-earnings ratio of 35.08, a P/E/G ratio of 1.91 and a beta of 0.72. The stock’s 50 day moving average price is $244.74 and its two-hundred day moving average price is $235.02. The company has a quick ratio of 0.87, a current ratio of 1.04 and a debt-to-equity ratio of 0.58.

L3Harris Technologies (NYSE:LHX) last posted its quarterly earnings results on Thursday, October 24th. The company reported $3.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.27 by $0.07. L3Harris Technologies had a net margin of 5.71% and a return on equity of 13.11%. The firm had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period in the prior year, the firm posted $3.19 earnings per share. The company’s quarterly revenue was up 7.7% compared to the same quarter last year.

Hedge Funds Weigh In On L3Harris Technologies

Several large investors have recently modified their holdings of LHX. KCM Investment Advisors LLC lifted its stake in shares of L3Harris Technologies by 43.8% in the third quarter. KCM Investment Advisors LLC now owns 19,273 shares of the company’s stock worth $4,584,000 after acquiring an additional 5,868 shares during the period. Fortem Financial Group LLC bought a new position in L3Harris Technologies during the 3rd quarter worth approximately $841,000. Creative Planning lifted its position in shares of L3Harris Technologies by 1.2% in the 3rd quarter. Creative Planning now owns 41,588 shares of the company’s stock worth $9,893,000 after purchasing an additional 512 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of L3Harris Technologies in the 3rd quarter valued at $35,904,000. Finally, GDS Wealth Management increased its position in shares of L3Harris Technologies by 4.5% during the third quarter. GDS Wealth Management now owns 76,701 shares of the company’s stock worth $18,245,000 after buying an additional 3,275 shares during the period. Institutional investors own 84.76% of the company’s stock.

Insider Activity at L3Harris Technologies

In related news, insider Ross Niebergall sold 2,988 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $247.93, for a total transaction of $740,814.84. Following the sale, the insider now owns 10,340 shares in the company, valued at $2,563,596.20. The trade was a 22.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.82% of the stock is currently owned by insiders.

L3Harris Technologies Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Monday, November 18th were paid a $1.16 dividend. The ex-dividend date was Monday, November 18th. This represents a $4.64 dividend on an annualized basis and a dividend yield of 2.09%. L3Harris Technologies’s payout ratio is currently 73.30%.

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.