Analysts Anticipate Harris Co. (HRS) Will Announce Earnings of $1.91 Per Share
Wall Street analysts expect Harris Co. (NYSE:HRS) to report earnings of $1.91 per share for the current quarter, Zacks reports. Four analysts have issued estimates for Harris’ earnings, with the highest EPS estimate coming in at $1.96 and the lowest estimate coming in at $1.88. Harris posted earnings of $1.67 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 14.4%. The firm is scheduled to report its next quarterly earnings report on Tuesday, January 29th.
According to Zacks, analysts expect that Harris will report full-year earnings of $7.86 per share for the current fiscal year, with EPS estimates ranging from $7.83 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 Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that follow 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, beating analysts’ consensus estimates of $1.72 by $0.06. Harris had a return on equity of 26.39% and a net margin of 12.20%. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the firm posted $1.38 earnings per share. The firm’s quarterly revenue was up 9.4% on a year-over-year basis.
In other Harris news, insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the transaction, the insider now directly owns 1,286 shares in the company, valued at $209,360.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Sheldon J. Fox sold 45,800 shares of the company’s stock in a transaction 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 transaction, the senior vice president now owns 95,448 shares in the company, valued at $15,570,432.24. The disclosure for this sale can be found here. Insiders have sold 94,712 shares of company stock worth $15,407,341 over the last 90 days. 2.51% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in HRS. Janus Henderson Group PLC lifted its stake in Harris by 14.1% during the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock worth $440,918,000 after purchasing an additional 377,269 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its stake in Harris by 5,847.4% during the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 318,898 shares of the communications equipment provider’s stock worth $53,961,000 after purchasing an additional 313,536 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Harris by 28.2% during the second 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 lifted its stake in Harris by 409.9% during the second 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. Finally, Bank of Montreal Can acquired a new position in Harris during the second quarter worth $23,430,000. Institutional investors own 85.42% of the company’s stock.
HRS traded up $1.63 during trading hours on Friday, reaching $153.14. The company’s stock had a trading volume of 638,438 shares, compared to its average volume of 1,599,468. Harris has a fifty-two week low of $136.93 and a fifty-two week high of $175.50. The stock has a market capitalization of $18.01 billion, a PE ratio of 23.56 and a beta of 1.29. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.96 and a current ratio of 1.17.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be paid a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Wednesday, November 21st. Harris’s dividend payout ratio (DPR) is 42.15%.
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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