Harris Co. (NYSE:HRS) was up 0.4% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $165.84 and last traded at $164.03. Approximately 57,452 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 588,832 shares. The stock had previously closed at $164.63.
The communications equipment provider reported $1.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.02. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.62 billion. Harris had a return on equity of 25.36% and a net margin of 11.61%. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.49 earnings per share.
A number of equities research analysts have weighed in on HRS shares. Credit Suisse Group lifted their target price on Harris from $187.00 to $189.00 and gave the stock an “outperform” rating in a report on Thursday, May 3rd. Seaport Global Securities reiterated a “buy” rating and issued a $185.00 target price on shares of Harris in a report on Thursday. Zacks Investment Research downgraded Harris from a “hold” rating to a “sell” rating in a report on Tuesday, July 3rd. Citigroup lifted their target price on Harris from $160.00 to $183.00 and gave the stock a “buy” rating in a report on Tuesday, April 10th. Finally, Argus lowered their target price on Harris from $196.00 to $170.00 and set a “buy” rating for the company in a report on Thursday, July 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $171.22.
The company has a quick ratio of 0.68, a current ratio of 0.90 and a debt-to-equity ratio of 1.03. The company has a market cap of $19.58 billion, a P/E ratio of 25.14, a P/E/G ratio of 3.55 and a beta of 1.22.
Harris Company Profile
Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, 2-channel vehicular radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.
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