L3Harris Technologies Inc. (NYSE:LHX) has reached a new 52-week high, with its shares soaring to $242.865. This milestone reflects the company's consistent growth and strong performance in the market. Over the past year, LHX has seen a significant increase in its value, with the Harris Corporation 1 Year Change data showing a substantial rise of 19.57%. This impressive growth rate underscores the company's robust financial health and its ability to deliver solid returns to its shareholders. The new 52-week high serves as an affirmation of the company's upward trajectory and its potential for further growth.
In other recent news, L3Harris Technologies has seen a series of significant developments. The company reported robust first-quarter results with double-digit year-over-year revenue growth and raised its full-year guidance for margins, earnings per share, and revenue. L3Harris also announced the upcoming retirement of Senior Vice President of Strategy, Growth & Technology, Sean J. Stackley, effective August 3, 2024. No successor or transitional plans have been detailed yet.
The company's subsidiary, Aerojet Rocketdyne, has been selected by the Missile Defense Agency to provide propulsion systems for the Next Generation Interceptor, reinforcing L3Harris's role in national defense. Meanwhile, Wells Fargo upgraded the price target for L3Harris shares to $245.00 from $238.00, citing potential upside in its communications and missiles business segments.
These are recent developments that highlight the company's strategic plans and financial health. It's important to note that L3Harris is on track to exceed its cost savings target, aiming to achieve a $400 million run-rate savings by the end of the current year and $1 billion in gross savings by 2026. As these events unfold, L3Harris continues to focus on addressing the mission-critical needs of its defense customers.
InvestingPro Insights
L3Harris Technologies Inc. (LHX) has not only hit a new 52-week high but also demonstrates strong financial metrics that may interest investors further. With a market capitalization of $45.89 billion and a notable revenue growth of 15.66% over the last twelve months as of Q1 2024, the company shows a robust financial position. Additionally, the firm's gross profit margin stands at a healthy 26.27%, reflecting its efficiency in managing costs relative to revenue.
Investors should note that LHX has a rich history of rewarding shareholders, having raised its dividend for 22 consecutive years, and has maintained dividend payments for 54 consecutive years. This consistency is a testament to the company's stable financial management and commitment to returning value to its shareholders. Moreover, analysts have revised their earnings upwards for the upcoming period, indicating potential confidence in the company's future performance.
For those interested in further insights, there are 11 additional InvestingPro Tips available, which could provide a deeper understanding of LHX's investment potential. To explore these tips and gain comprehensive analysis, visit https://www.investing.com/pro/LHX and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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