Zacks: Analysts Anticipate Harris Co. (HRS) Will Post Earnings of $1.91 Per Share

Equities research analysts expect that Harris Co. (NYSE:HRS) will post earnings per share of $1.91 for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Harris’ earnings, with the lowest EPS estimate coming in at $1.88 and the highest estimate coming in at $1.96. Harris reported earnings of $1.67 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 14.4%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, January 29th.

On average, analysts expect that Harris will report full year earnings of $7.86 per share for the current financial year, with EPS estimates ranging from $7.83 to $7.88. For the next year, analysts anticipate that the firm will report earnings of $8.76 per share, with EPS estimates ranging from $8.60 to $8.90. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow Harris.

Harris (NYSE:HRS) last issued its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.72 by $0.06. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. Harris’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $1.38 EPS.

HRS has been the topic of several recent research reports. Seaport Global Securities reiterated a “buy” rating and issued a $185.00 price objective on shares of Harris in a research report on Thursday, August 2nd. Argus lifted their price objective on shares of Harris to $190.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. UBS Group initiated coverage on shares of Harris in a research report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target on the stock. Finally, Credit Suisse Group boosted their price target on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 1st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $183.11.

In other Harris news, VP Todd A. Taylor sold 18,698 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total transaction of $3,025,149.42. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Edward J. Zoiss sold 26,311 shares of the business’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the sale, the insider now owns 1,286 shares in the company, valued at $209,360.80. The disclosure for this sale can be found here. Insiders have sold a total of 48,912 shares of company stock worth $7,935,987 over the last 90 days. 2.51% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in shares of Harris by 0.6% in the 2nd quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock worth $1,428,028,000 after purchasing an additional 57,038 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Harris by 14.1% in the 2nd quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock worth $440,918,000 after purchasing an additional 377,269 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Harris by 15.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,344,309 shares of the communications equipment provider’s stock worth $227,471,000 after purchasing an additional 178,395 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Harris by 6.5% in the 2nd quarter. Northern Trust Corp now owns 1,313,667 shares of the communications equipment provider’s stock worth $189,877,000 after purchasing an additional 80,745 shares in the last quarter. Finally, Bessemer Group Inc. raised its holdings in shares of Harris by 21.4% in the 3rd quarter. Bessemer Group Inc. now owns 904,550 shares of the communications equipment provider’s stock worth $153,060,000 after purchasing an additional 159,468 shares in the last quarter. Institutional investors own 85.33% of the company’s stock.

NYSE:HRS traded down $0.12 during mid-day trading on Friday, hitting $150.91. The stock had a trading volume of 790,630 shares, compared to its average volume of 1,279,727. The company has a market cap of $17.58 billion, a PE ratio of 23.22 and a beta of 1.29. Harris has a 52 week low of $138.08 and a 52 week high of $175.50. The company has a quick ratio of 0.96, a current ratio of 1.17 and a debt-to-equity ratio of 1.05.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be given a dividend of $0.685 per share. The ex-dividend date is Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.82%. Harris’s dividend payout ratio (DPR) is 42.15%.

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, 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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