Analysts Expect Harris Co. (HRS) Will Announce Earnings of $1.90 Per Share
Wall Street analysts expect Harris Co. (NYSE:HRS) to report earnings of $1.90 per share for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Harris’ earnings, with estimates ranging from $1.87 to $1.96. Harris reported earnings per share of $1.67 in the same quarter last year, which suggests a positive year over year growth rate of 13.8%. The company is expected to announce its next quarterly earnings results on Tuesday, January 29th.
According to Zacks, analysts expect that Harris will report full year earnings of $7.82 per share for the current fiscal year, with EPS estimates ranging from $7.75 to $7.88. For the next fiscal year, analysts anticipate that the business will post earnings of $8.76 per share, with EPS estimates ranging from $8.60 to $8.90. Zacks’ EPS averages are an average based on a survey of research analysts that cover Harris.
Harris (NYSE:HRS) last released its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, topping the consensus estimate of $1.72 by $0.06. Harris had a net margin of 12.20% and a return on equity of 26.59%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the firm earned $1.38 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year.
NYSE:HRS opened at $170.70 on Tuesday. The stock has a market capitalization of $20.13 billion, a price-to-earnings ratio of 24.86, a PEG ratio of 3.65 and a beta of 1.20. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.73 and a current ratio of 1.24. Harris has a 12-month low of $133.66 and a 12-month high of $175.50.
The company also recently announced a quarterly dividend, which was paid on Friday, September 21st. Shareholders of record on Friday, September 7th were issued a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 1.61%. This is a positive change from Harris’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Thursday, September 6th. Harris’s dividend payout ratio is 42.15%.
In other news, insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the completion of the transaction, the insider now owns 1,286 shares of the company’s stock, valued at approximately $209,360.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Todd A. Taylor sold 18,698 shares of the company’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total transaction of $3,025,149.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 94,712 shares of company stock valued at $15,407,341. Corporate insiders own 2.51% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of HRS. Janus Henderson Group PLC increased its stake in shares of Harris by 14.1% during the 2nd quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock valued at $440,918,000 after acquiring an additional 377,269 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Harris by 28.2% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock worth $168,521,000 after purchasing an additional 256,780 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Harris by 409.9% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 226,738 shares of the communications equipment provider’s stock worth $32,773,000 after purchasing an additional 182,267 shares in the last quarter. Bank of Montreal Can acquired a new stake in Harris during the 2nd quarter worth approximately $23,430,000. Finally, WINTON GROUP Ltd increased its position in Harris by 383.3% during the 1st quarter. WINTON GROUP Ltd now owns 171,861 shares of the communications equipment provider’s stock worth $27,718,000 after purchasing an additional 136,300 shares in the last quarter. 85.66% of the stock is owned by institutional investors.
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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