Wall Street brokerages forecast that Harris Co. (NYSE:HRS) will post sales of $1.64 billion for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Harris’ earnings. The lowest sales estimate is $1.62 billion and the highest is $1.65 billion. Harris reported sales of $1.54 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 6.5%. 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 sales of $6.63 billion for the current financial year, with estimates ranging from $6.61 billion to $6.65 billion. For the next financial year, analysts expect that the company will post sales of $7.11 billion, with estimates ranging from $7.07 billion to $7.18 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Harris.
Harris (NYSE:HRS) last released its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Harris had a net margin of 12.20% and a return on equity of 26.39%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the company posted $1.38 EPS. The company’s revenue was up 9.4% compared to the same quarter last year.
A number of research analysts have issued reports on the stock. Credit Suisse Group upped their target price on shares of Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a research report on Monday, October 15th. Raymond James upped their target price on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Tuesday, October 16th. Argus upped their target price on shares of Harris to $190.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. 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 target price on the stock. Finally, Barclays raised Harris from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $189.00 to $181.00 in a research note on Tuesday, November 13th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $180.89.
Harris stock traded down $0.35 during trading hours on Wednesday, reaching $139.40. 1,179,521 shares of the company’s stock traded hands, compared to its average volume of 986,920. The company has a current ratio of 1.17, a quick ratio of 0.96 and a debt-to-equity ratio of 1.05. Harris has a fifty-two week low of $134.30 and a fifty-two week high of $175.50. The company has a market cap of $16.44 billion, a PE ratio of 21.45 and a beta of 1.27.
The business also recently declared a quarterly dividend, which was paid on Friday, December 7th. Stockholders of record on Friday, November 23rd were paid a $0.685 dividend. The ex-dividend date was Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.97%. Harris’s dividend payout ratio (DPR) is presently 42.15%.
In related news, SVP Scott T. Mikuen sold 3,903 shares of the stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total transaction of $627,407.25. Following the completion of the sale, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Edward J. Zoiss sold 26,311 shares of the stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $162.80, for a total value of $4,283,430.80. Following the sale, the insider now directly owns 1,286 shares of the company’s stock, valued at $209,360.80. The disclosure for this sale can be found here. Corporate insiders own 2.51% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Panagora Asset Management Inc. grew its stake in Harris by 1.9% in the 3rd quarter. Panagora Asset Management Inc. now owns 17,897 shares of the communications equipment provider’s stock valued at $3,028,000 after purchasing an additional 338 shares during the period. CWM LLC increased its holdings in shares of Harris by 40.5% in the 2nd quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock worth $171,000 after purchasing an additional 341 shares in the last quarter. GAM Holding AG increased its holdings in shares of Harris by 3.3% in the 3rd quarter. GAM Holding AG now owns 10,778 shares of the communications equipment provider’s stock worth $1,824,000 after purchasing an additional 345 shares in the last quarter. Bridgeworth LLC increased its holdings in shares of Harris by 28.0% in the 2nd quarter. Bridgeworth LLC now owns 1,600 shares of the communications equipment provider’s stock worth $230,000 after purchasing an additional 350 shares in the last quarter. Finally, Sterling Capital Management LLC increased its holdings in shares of Harris by 0.4% in the 3rd quarter. Sterling Capital Management LLC now owns 82,375 shares of the communications equipment provider’s stock worth $13,939,000 after purchasing an additional 353 shares in the last quarter. 84.93% of the stock is owned by institutional investors.
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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