Zacks: Analysts Anticipate Harris Co. (HRS) Will Post Quarterly Sales of $1.70 Billion
Wall Street brokerages predict that Harris Co. (NYSE:HRS) will announce sales of $1.70 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Harris’ earnings. The lowest sales estimate is $1.68 billion and the highest is $1.71 billion. Harris posted sales of $1.57 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 8.3%. The company is expected to report its next quarterly earnings report on Wednesday, May 1st.
On average, analysts expect that Harris will report full year sales of $6.70 billion for the current financial year, with estimates ranging from $6.64 billion to $6.72 billion. For the next financial year, analysts forecast that the company will report sales of $7.16 billion, with estimates ranging from $7.07 billion to $7.23 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Harris.
Harris (NYSE:HRS) last issued its earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.91 by $0.05. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.63 billion. Harris had a return on equity of 26.55% and a net margin of 13.29%. The firm’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business posted $1.67 EPS.
In other Harris news, SVP Robert L. Duffy sold 40,000 shares of Harris stock in a transaction dated Friday, February 8th. The stock was sold at an average price of $158.66, for a total transaction of $6,346,400.00. Following the completion of the transaction, the senior vice president now owns 63,918 shares in the company, valued at approximately $10,141,229.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.51% of the company’s stock.
Large investors have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position in shares of Harris by 15.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,344,309 shares of the communications equipment provider’s stock valued at $227,471,000 after acquiring an additional 178,395 shares during the period. Palo Capital Inc. acquired a new stake in shares of Harris during the 3rd quarter valued at about $1,638,000. Arizona State Retirement System grew its position in shares of Harris by 0.7% during the 3rd quarter. Arizona State Retirement System now owns 91,601 shares of the communications equipment provider’s stock valued at $15,500,000 after acquiring an additional 637 shares during the period. Checchi Capital Advisers LLC acquired a new stake in shares of Harris during the 3rd quarter valued at about $221,000. Finally, Marshall Wace LLP grew its position in shares of Harris by 692.8% during the 3rd quarter. Marshall Wace LLP now owns 127,670 shares of the communications equipment provider’s stock valued at $21,603,000 after acquiring an additional 111,567 shares during the period. Hedge funds and other institutional investors own 86.10% of the company’s stock.
HRS stock traded up $2.56 during midday trading on Wednesday, reaching $164.80. The stock had a trading volume of 938,243 shares, compared to its average volume of 1,152,728. The firm has a market capitalization of $19.09 billion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 2.53 and a beta of 1.23. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.27 and a quick ratio of 1.04. Harris has a 52-week low of $123.24 and a 52-week high of $175.50.
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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