Zacks: Analysts Expect Harris Corporation (HRS) Will Announce Quarterly Sales of $1.48 Billion
Wall Street brokerages expect Harris Corporation (NYSE:HRS) to announce sales of $1.48 billion for the current quarter, according to Zacks. Four analysts have provided estimates for Harris’ earnings, with the highest sales estimate coming in at $1.49 billion and the lowest estimate coming in at $1.47 billion. Harris reported sales of $1.70 billion during the same quarter last year, which would suggest a negative year over year growth rate of 12.9%. The business is scheduled to report its next earnings results on Thursday, February 1st.
On average, analysts expect that Harris will report full year sales of $1.48 billion for the current fiscal year, with estimates ranging from $6.08 billion to $6.10 billion. For the next financial year, analysts expect that the firm will report sales of $6.47 billion per share, with estimates ranging from $6.40 billion to $6.57 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Harris.
Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.03. The business had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.44 billion. Harris had a net margin of 9.02% and a return on equity of 23.36%. The business’s revenue was down .5% on a year-over-year basis. During the same period last year, the business earned $1.28 EPS.
Several research analysts have weighed in on the stock. Cowen Inc reissued a “buy” rating and set a $134.00 price objective (up from $125.00) on shares of Harris in a report on Tuesday, September 12th. ValuEngine lowered shares of Harris from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a report on Thursday, August 24th. Seaport Global Securities reissued a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Harris in a report on Monday, October 9th. Finally, Jefferies Group LLC raised their price objective on shares of Harris from $135.00 to $157.00 and gave the stock a “buy” rating in a report on Wednesday, November 1st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Harris has an average rating of “Buy” and an average price target of $145.43.
In other Harris news, SVP Scott T. Mikuen sold 13,600 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total transaction of $1,677,696.00. Following the completion of the transaction, the senior vice president now directly owns 61,349 shares of the company’s stock, valued at approximately $7,568,012.64. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.91% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Harris by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 13,405,643 shares of the communications equipment provider’s stock worth $1,462,287,000 after buying an additional 114,384 shares during the last quarter. BlackRock Inc. lifted its position in shares of Harris by 2.3% in the 2nd quarter. BlackRock Inc. now owns 7,848,843 shares of the communications equipment provider’s stock worth $856,150,000 after buying an additional 178,626 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Harris by 36.3% in the 3rd quarter. Janus Henderson Group PLC now owns 3,352,336 shares of the communications equipment provider’s stock worth $441,435,000 after buying an additional 892,898 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Harris in the 2nd quarter worth about $304,508,000. Finally, Artisan Partners Limited Partnership lifted its position in shares of Harris by 11.1% in the 3rd quarter. Artisan Partners Limited Partnership now owns 1,916,965 shares of the communications equipment provider’s stock worth $252,426,000 after buying an additional 192,230 shares during the last quarter. Institutional investors own 83.84% of the company’s stock.
Shares of Harris (HRS) opened at $143.94 on Friday. The firm has a market cap of $17,157.79, a price-to-earnings ratio of 25.39, a P/E/G ratio of 3.43 and a beta of 1.12. The company has a current ratio of 1.11, a quick ratio of 0.64 and a debt-to-equity ratio of 1.14. Harris has a fifty-two week low of $99.13 and a fifty-two week high of $144.75.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend is Thursday, November 16th. Harris’s dividend payout ratio is currently 50.89%.
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