Zacks: Analysts Expect Harris Co. (HRS) Will Announce Quarterly Sales of $1.53 Billion
Equities research analysts expect that Harris Co. (NYSE:HRS) will report sales of $1.53 billion for the current quarter, Zacks reports. Four analysts have made estimates for Harris’ earnings. The highest sales estimate is $1.55 billion and the lowest is $1.52 billion. Harris posted sales of $1.41 billion in the same quarter last year, which suggests a positive year over year growth rate of 8.5%. The firm is expected to report its next earnings report on Tuesday, October 30th.
According to Zacks, analysts expect that Harris will report full year sales of $6.63 billion for the current fiscal year, with estimates ranging from $6.61 billion to $6.64 billion. For the next fiscal year, analysts forecast that the business will post sales of $7.10 billion per share, with estimates ranging from $7.04 billion to $7.17 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Harris.
Harris (NYSE:HRS) last posted its quarterly earnings data on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.02. Harris had a return on equity of 25.36% and a net margin of 11.61%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same period in the previous year, the business earned $1.49 EPS. Harris’s revenue for the quarter was up 8.0% compared to the same quarter last year.
HRS stock traded down $2.51 during midday trading on Friday, hitting $165.52. 430,700 shares of the company’s stock were exchanged, compared to its average volume of 737,180. The company has a quick ratio of 0.73, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. Harris has a 12-month low of $129.86 and a 12-month high of $170.54. The company has a market capitalization of $19.33 billion, a PE ratio of 25.46, a P/E/G ratio of 3.52 and a beta of 1.21.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Stockholders of record on Friday, September 7th will be issued a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.66%. This is an increase from Harris’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Thursday, September 6th. Harris’s payout ratio is 42.15%.
In other news, SVP Sheldon J. Fox sold 45,800 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $163.13, for a total value of $7,471,354.00. Following the completion of the sale, the senior vice president now directly owns 95,448 shares in the company, valued at approximately $15,570,432.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edward J. Zoiss sold 26,311 shares of the business’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $162.80, for a total value of $4,283,430.80. Following the completion of the sale, the insider now owns 1,286 shares of the company’s stock, valued at $209,360.80. The disclosure for this sale can be found here. Insiders sold a total of 94,712 shares of company stock valued at $15,407,341 over the last quarter. Company insiders own 2.51% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Ostrum Asset Management bought a new position in Harris during the 1st quarter worth $112,000. Fort L.P. bought a new position in Harris during the 2nd quarter worth $118,000. Accurate Investment Solutions Inc. bought a new position in Harris during the 2nd quarter worth $123,000. Wagner Wealth Management LLC bought a new position in Harris during the 1st quarter worth $129,000. Finally, Daiwa SB Investments Ltd. bought a new position in Harris during the 2nd quarter worth $136,000. Institutional investors and hedge funds own 85.70% of the company’s stock.
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, 2-channel vehicular 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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