MELBOURNE, Fla. - Defense contractor L3Harris Technologies (NYSE:LHX) has announced a quarterly cash dividend of $1.16 per common share. Shareholders on record by the close of business on September 6, 2024, will be eligible for the dividend, which is scheduled for payment on September 20, 2024.
The declaration of this dividend continues the company's practice of returning value to its shareholders and reflects its ongoing financial performance. L3Harris Technologies, known for its role in the defense sector, provides technology solutions that span various domains, including space, air, land, sea, and cyber, with a focus on national security.
The company's commitment to serving mission-critical needs is a cornerstone of its operations, as it positions itself as a "Trusted Disruptor" in the defense industry. This dividend announcement is a testament to the company's stable financial standing and its ability to consistently reward its investors.
L3Harris Technologies has a history of financial stability and shareholder returns, making it a notable entity in the defense contracting space. The company's strategic focus on connecting different domains for comprehensive security solutions underscores its integral role in the defense industry.
Investors and market watchers often view dividend declarations as a sign of a company's financial health and management's confidence in future earnings. Regular dividends are also seen as a way to attract and retain investors seeking steady income streams.
This announcement is based on a press release statement from L3Harris Technologies. The information provided is intended to give shareholders and the financial community insight into the company's financial practices and dates relevant to dividend payments.
In other recent news, L3Harris Technologies has seen various significant developments. The company announced the retirement of Senior Vice President of Strategy, Growth & Technology, Mr. Sean J. Stackley, effective August 3, 2024, with no successor currently announced.
In addition, Congresswoman Abigail Spanberger recently sold shares in L3Harris Technologies, a transaction falling within the $1,001 - $15,000 range, as part of a Restricted Unit Award of L3Harris Technologies, Inc common stock that Spanberger's spouse received as part of his compensation.
Furthermore, the company, through its subsidiary Aerojet Rocketdyne, has been selected by the Missile Defense Agency to provide propulsion systems for the Next Generation Interceptor, a part of the MDA's Ground-based Midcourse Defense system. This collaboration with Lockheed Martin (NYSE:LMT), the principal contractor for the NGI, is expected to extend the capabilities of the United States' missile defense into the 2030s and beyond.
Lastly, Wells Fargo has adjusted its financial outlook for L3Harris Technologies, increasing the price target to $245.00 from the previous $238.00, while reiterating an Overweight rating. This adjustment follows a recent call where insights into the company's performance and expectations were shared, including anticipated free cash flow of around $500 million for the second quarter and an aim to achieve $400 million run-rate savings by year-end.
InvestingPro Insights
L3Harris Technologies (NYSE:LHX) has not only continued its practice of rewarding shareholders with dividends but also showcases a robust financial framework that supports these payments. According to real-time data from InvestingPro, the company's market capitalization stands at a solid $45.42 billion, reflecting its substantial presence in the defense industry.
The company's commitment to shareholder returns is further underscored by its dividend yield of 1.95%, which is attractive to investors looking for a steady income. Moreover, L3Harris Technologies has demonstrated significant revenue growth over the last twelve months, with a reported increase of 15.66%.
An InvestingPro Tip worth noting is that L3Harris Technologies has raised its dividend for an impressive 22 consecutive years, indicating a strong and consistent financial performance. Furthermore, the company is expected to see net income growth this year, which may reassure investors of its potential for sustained profitability. With 8 analysts having revised their earnings upwards for the upcoming period, it seems there is a positive outlook on the company’s financial trajectory.
For those interested in further insights, there are additional InvestingPro Tips available, detailing aspects such as the company's trading multiples, price volatility, and industry standing. Prospective and current investors may find value in these tips, which are accessible on InvestingPro. Moreover, users can take advantage of the promo code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering a more comprehensive understanding of L3Harris Technologies’ financial health and market position.
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