Wall Street analysts expect Harris Corporation (NYSE:HRS) to post earnings of $1.33 per share for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Harris Corporation’s earnings, with estimates ranging from $1.27 to $1.37. Harris Corporation posted earnings per share of $1.39 during the same quarter last year, which indicates a negative year over year growth rate of 4.3%. The firm is scheduled to issue its next earnings results on Tuesday, November 7th.
On average, analysts expect that Harris Corporation will report full-year earnings of $5.98 per share for the current year, with EPS estimates ranging from $5.92 to $6.05. For the next fiscal year, analysts anticipate that the firm will report earnings of $6.83 per share, with EPS estimates ranging from $6.55 to $7.00. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Harris Corporation.
Harris Corporation (NYSE:HRS) last announced its quarterly earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, meeting the consensus estimate of $1.49. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter last year, the company posted $1.45 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year.
A number of brokerages have commented on HRS. Cowen and Company reaffirmed a “buy” rating and issued a $125.00 price objective on shares of Harris Corporation in a report on Thursday, July 6th. BidaskClub upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. ValuEngine upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Jefferies Group LLC reiterated a “buy” rating and set a $125.00 target price on shares of Harris Corporation in a research report on Friday, July 7th. Finally, Credit Suisse Group began coverage on Harris Corporation in a research report on Monday, August 28th. They set an “outperform” rating and a $144.00 price objective for the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $120.29.
In other Harris Corporation news, insider Christopher D. Young sold 4,070 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the completion of the sale, the insider now owns 46,131 shares of the company’s stock, valued at $5,486,359.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Sheldon J. Fox sold 50,300 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $118.24, for a total value of $5,947,472.00. Following the completion of the sale, the senior vice president now directly owns 73,092 shares of the company’s stock, valued at approximately $8,642,398.08. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Harris Corporation by 0.9% in the second quarter. Vanguard Group Inc. now owns 13,405,643 shares of the communications equipment provider’s stock valued at $1,462,287,000 after acquiring an additional 114,384 shares during the period. BlackRock Inc. grew its stake in Harris Corporation by 2.3% in the second quarter. BlackRock Inc. now owns 7,848,843 shares of the communications equipment provider’s stock valued at $856,150,000 after acquiring an additional 178,626 shares during the period. State Street Corp grew its stake in Harris Corporation by 3.9% in the first quarter. State Street Corp now owns 5,085,846 shares of the communications equipment provider’s stock valued at $565,898,000 after acquiring an additional 188,952 shares during the period. Capital Research Global Investors acquired a new stake in Harris Corporation in the second quarter valued at approximately $304,508,000. Finally, Janus Henderson Group PLC grew its stake in Harris Corporation by 12,337.7% in the second quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after acquiring an additional 2,439,664 shares during the period. 83.33% of the stock is owned by hedge funds and other institutional investors.
Shares of Harris Corporation (NYSE HRS) traded up 0.05% during midday trading on Friday, hitting $122.51. 516,928 shares of the stock traded hands. Harris Corporation has a 12-month low of $88.89 and a 12-month high of $123.57. The firm’s 50 day moving average price is $118.62 and its 200 day moving average price is $112.70. The company has a market capitalization of $14.74 billion, a PE ratio of 27.62 and a beta of 1.19.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 8th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date is Thursday, September 7th. This is a boost from Harris Corporation’s previous quarterly dividend of $0.53. Harris Corporation’s dividend payout ratio (DPR) is 51.47%.
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About Harris Corporation
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