$1.70 Earnings Per Share Expected for Harris Co. (HRS) This Quarter

Analysts predict that Harris Co. (NYSE:HRS) will report $1.70 earnings per share (EPS) for the current quarter, according to Zacks. Four analysts have made estimates for Harris’ earnings. The lowest EPS estimate is $1.68 and the highest is $1.72. Harris reported earnings of $1.38 per share in the same quarter last year, which suggests a positive year over year growth rate of 23.2%. The firm is expected to issue its next quarterly earnings report on Tuesday, October 30th.

According to Zacks, analysts expect that Harris will report full-year earnings of $7.79 per share for the current year, with EPS estimates ranging from $7.75 to $7.85. For the next fiscal year, analysts expect that the firm will report earnings of $8.74 per share, with EPS estimates ranging from $8.60 to $8.90. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Harris.

Harris (NYSE:HRS) last issued its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.02. Harris had a return on equity of 25.36% and a net margin of 11.61%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period last year, the business earned $1.49 EPS. Harris’s quarterly revenue was up 8.0% compared to the same quarter last year.

A number of brokerages recently issued reports on HRS. Credit Suisse Group increased their target price on Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, August 1st. Seaport Global Securities reiterated a “buy” rating and issued a $185.00 target price on shares of Harris in a report on Thursday, August 2nd. Argus increased their target price on Harris to $190.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group began coverage on Harris in a report on Wednesday. They issued a “neutral” rating and a $175.00 target price on the stock. Finally, Zacks Investment Research upgraded Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $173.60.

Shares of HRS traded up $1.06 during trading hours on Thursday, reaching $163.86. The stock had a trading volume of 537,700 shares, compared to its average volume of 756,769. Harris has a 12 month low of $117.46 and a 12 month high of $170.54. The company has a quick ratio of 0.47, a current ratio of 0.90 and a debt-to-equity ratio of 1.03. The stock has a market cap of $19.38 billion, a P/E ratio of 25.18, a P/E/G ratio of 3.49 and a beta of 1.22.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HRS. Ostrum Asset Management purchased a new stake in Harris in the 1st quarter valued at $112,000. Fort L.P. purchased a new stake in Harris in the 2nd quarter valued at $118,000. Accurate Investment Solutions Inc. purchased a new stake in Harris in the 2nd quarter valued at $123,000. Wagner Wealth Management LLC purchased a new stake in Harris in the 1st quarter valued at $129,000. Finally, Meeder Asset Management Inc. purchased a new stake in Harris in the 1st quarter valued at $131,000. 85.30% of the stock is owned by institutional investors and hedge funds.

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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