Stock Markets
L3Harris Technologies sets quarterly dividend at $1.16 per share
MELBOURNE, Fla. – L3Harris Technologies (NYSE:), a company operating in the defense sector, announced that its Board of Directors has approved a quarterly cash dividend. The dividend is set at $1.16 per common share and will be distributed on December 6, 2024, to shareholders who are on record by the close of business on November 18, 2024.
The declaration of this dividend reflects the company’s ongoing commitment to deliver value to its shareholders. L3Harris Technologies has a history of providing technology solutions across various domains including space, air, land, sea, and cyber, all with a focus on national security.
The company, known within the defense industry as the “Trusted Disruptor,” emphasizes its role in addressing mission-critical needs through its comprehensive technology offerings. L3Harris Technologies has not provided further details on its financial performance or future dividend plans in the press release.
This dividend issuance comes as part of the company’s regular financial practices and is a common way for corporations to share profits with their investors. Dividends are typically paid out from a company’s earnings, and the amount distributed can be a signal of the company’s financial health and its board’s confidence in future earnings.
The information regarding the dividend was based on a press release statement from L3Harris Technologies. Investors and shareholders are often attentive to such announcements as they plan their investment strategies and assess the performance of their holdings. While the dividend declaration is a positive event for shareholders, it is just one aspect of the company’s overall financial picture.
L3Harris Technologies has not commented on any potential impact this dividend may have on its financial position or on future dividends. The company’s stock performance and market activities will continue to be watched closely by investors and market analysts.
In other recent news, L3Harris Technologies has been making significant strides in various sectors. The company has unveiled its new autonomous vehicle system, Diamondback (NASDAQ:), which is designed for reconnaissance and security operations. This development comes alongside an upgrade from Peerperform to Outperform by Wolfe Research, based on strong margin performance and potential for further expansion.
L3Harris has also secured a potentially lucrative contract with the U.S. Navy, worth $587.4 million, for the provision of new tactical jamming pods over the next five years. However, the company did not secure the High Accuracy Detection and Exploitation System contract from the US Army, despite which, Jefferies reiterated a Buy rating for L3Harris.
In financial developments, L3Harris reported a 9% increase in non-GAAP earnings per share for the second quarter of 2024, along with a substantial backlog of $32 billion. Yet, Morgan Stanley downgraded L3Harris’s stock from Overweight to Equalweight, citing comparative industry analysis and recent financial developments. These are the recent developments that investors should be aware of.
InvestingPro Insights
L3Harris Technologies’ recent dividend announcement aligns with its strong track record of shareholder returns. According to InvestingPro data, the company has maintained dividend payments for an impressive 54 consecutive years, with 22 years of consecutive dividend increases. This consistency underscores L3Harris’ commitment to returning value to shareholders, a key consideration for income-focused investors in the defense sector.
The company’s current dividend yield stands at 1.89%, based on the most recent data. While this yield may not be the highest in the market, it’s important to note that L3Harris has demonstrated a dividend growth of 1.75% over the last twelve months, indicating a trend of increasing shareholder returns.
From a financial perspective, L3Harris appears to be in a solid position. The company’s revenue for the last twelve months as of Q2 2024 was $20.77 billion, with a notable revenue growth of 15.44% over the same period. This growth trajectory supports the company’s ability to maintain and potentially increase its dividend payments in the future.
InvestingPro Tips highlight that L3Harris is trading at a low P/E ratio relative to its near-term earnings growth, suggesting potential undervaluation. Additionally, the company is expected to remain profitable this year, which bodes well for its ability to continue its dividend policy.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for L3Harris Technologies, providing a deeper understanding of the company’s financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Macquarie has reaffirmed its expectation that the Federal Open Market Committee (FOMC) will implement a single 25 basis points rate cut following the latest U.S. consumer price index (CPI) data.
The headline CPI in December remained robust, increasing by 0.4% month-over-month, influenced by strong food and energy prices, continuing an accelerating trend that has been observed since mid-2024.
In contrast, the core CPI, which excludes volatile food and energy prices, showed a softer increase of 0.23% month-over-month, marking the lowest reading since July.
This was considered a positive development by Macquarie, especially since core PPI subcomponents released earlier in the week had indicated a potential for a higher inflation reading. The year-over-year core CPI inflation rate held steady at 2.9%.
Macquarie analysts anticipate that the core Personal Expenditures (PCE) price index, a preferred inflation measure by the Federal Reserve, will likely mirror the core CPI’s recent performance.
They also expect core CPI inflation to moderate in the first quarter of the year, aided by favorable base effects and monthly core readings similar to those of December. However, they caution that threatened tariffs could pose an upside risk to inflation beyond the current forecast horizon.
The investment bank maintains that the FOMC is likely to reduce interest rates by 25 basis points only once more, predicting that the most probable timing for this action would be in March or May.
Macquarie also notes that the risks are tilted towards a later date for the rate cut.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
HERNDON, Va. – Beacon (NASDAQ:BECN), a Fortune 500 distributor of specialty building products, has rejected an unsolicited acquisition proposal from QXO, Inc. (NASDAQ:QXO). The offer, dated November 11, 2024, to purchase all outstanding shares of Beacon for $124.25 per share in cash, was unanimously deemed insufficient by Beacon’s Board of Directors. According to InvestingPro data, QXO maintains a strong balance sheet with more cash than debt and a current ratio of 258.64, suggesting ample financial flexibility for potential acquisitions.
The Board, after thorough consultation with independent financial and legal advisors, concluded that the proposal significantly undervalues Beacon’s growth prospects and future value creation potential. Beacon’s Chair of the Board, Stuart Randle, stated that the offer fails to reflect the company’s strategic plan and its potential for growth, emphasizing that Beacon has produced a total shareholder return of over 200% in the past five years. This contrasts sharply with QXO’s market performance, which InvestingPro data shows has declined by nearly 85% over the past year, with particularly volatile stock movements.
Beacon has attempted to engage with QXO to discuss valuation, subject to a standard non-disclosure agreement (NDA), which QXO declined. The company also offered to limit confidentiality obligations and structured the NDA to allow QXO to participate in a proxy contest at the upcoming 2025 annual meeting of shareholders.
Julian Francis, President and CEO of Beacon, expressed confidence in the company’s growth trajectory and the execution of its Ambition 2025 strategy, which aims for above-market growth and operational excellence. While QXO shows promising revenue growth potential with InvestingPro forecasting 92.7% growth for the current year, analysts don’t expect profitability in the near term. Beacon anticipates revealing more about its long-term financial targets at an Investor Day scheduled for March 13, 2025. Get deeper insights into both companies’ valuations and growth metrics with an InvestingPro subscription, which offers exclusive financial health scores and detailed analysis.
J.P. Morgan is serving as Beacon’s financial advisor, with Sidley Austin LLP and Simpson Thacher and Bartlett LLP as legal advisors. Beacon, established in 1928, operates over 580 branches across the U.S. and Canada and is known for its private label brand TRI-BUILT® and the digital account management suite Beacon PRO+®.
The company advises shareholders that no action is needed at this time and plans to file relevant documents with the U.S. Securities and Exchange Commission (SEC) for the upcoming annual meeting.
This news is based on a press release statement from Beacon.
In other recent news, QXO, Inc. has been busy with noteworthy developments. The company’s stockholders approved a key executive compensation plan at the 2024 Annual Meeting, electing all the company’s nominees for director and ratifying the appointment of Marcum LLP as the independent registered public accounting firm for fiscal year 2024. In parallel, QXO has been actively seeking growth through acquisitions, as indicated by its proposal to acquire Beacon Roofing Supply (NASDAQ:), following a declined offer to take over Rexel (EPA:), a French electrical products distributor.
Additionally, QXO has announced the appointment of Ashwin Rao as the new chief artificial intelligence officer. Rao, with over three decades of experience in enterprise AI, is expected to lead QXO’s tech initiatives, including demand forecasting, inventory management, and e-commerce. This move aligns with QXO’s strategy to become a leading tech-forward entity in the building products distribution sector.
Goldman Sachs reiterated its Buy rating on QXO, further signaling confidence in the company’s growth prospects. However, it’s important to note that these plans involve inherent risks and uncertainties, and are not guarantees of future performance. These recent developments reflect QXO’s current plans and expectations, highlighting a period of strategic moves and appointments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Michael Catelani, the President, Chief Operating Officer, and Chief Financial Officer of Anixa Biosciences Inc. (NASDAQ:), recently purchased 9,289 shares of the company’s common stock. The $71 million market cap company maintains a strong financial position, with InvestingPro data showing a healthy current ratio of 8.54 and minimal debt on its balance sheet. The shares were acquired at a price of $2.15 each, resulting in a total transaction value of $19,971. Following this acquisition, Catelani now directly owns 44,500 shares of Anixa Biosciences. This transaction was reported in a recent SEC filing. The purchase comes as the stock trades near its 52-week low of $2.07, with analyst price targets ranging from $7 to $10. InvestingPro subscribers can access 8 additional key insights about ANIX’s financial health and market position.
In other recent news, Anixa Biosciences has made significant strides in its cancer research efforts. The company has reported a net loss of $3.1 million for the second fiscal quarter of 2024, less than the projected loss of $3.5 million. Analysts from EF Hutton and H.C. Wainwright have initiated and maintained a Buy rating for the company, despite H.C. Wainwright reducing the 12-month price target to $7.00.
Anixa Biosciences also announced a strategic decision to acquire as part of its treasury reserve assets, aiming to diversify its treasury and leverage the anticipated long-term value of digital currencies. In addition to this, the company is continuing its stock buyback program, reinforcing its commitment to increasing shareholder value.
In its ongoing clinical trials, Anixa Biosciences has successfully dosed the first patient in the third cohort of their Phase 1 trial of CAR-T therapy for ovarian cancer. The company, in collaboration with Cleveland Clinic, has shown promising results in its Phase 1 breast cancer vaccine trial with over 70% of patients exhibiting immune responses.
Other recent developments include the announcement of a share repurchase program and the addition of Dr. Sanjay Juneja to the Cancer Business Advisory Board. Anixa Biosciences has also received a Japanese patent for its breast cancer vaccine technology. These are among the recent developments in Anixa Biosciences’ pursuit of advancing cancer treatment and prevention.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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