Harris Corporation (HRS) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS
Harris Corporation (NYSE:HRS) announced its quarterly earnings data on Tuesday. The communications equipment provider reported $1.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.03, Bloomberg Earnings reports. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The business had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the business earned $1.28 earnings per share. The business’s revenue was down .5% on a year-over-year basis. Harris Corporation updated its FY18 guidance to $5.85-6.05 EPS.
Shares of Harris Corporation (HRS) traded up 0.22% on Wednesday, reaching $139.63. The company had a trading volume of 99,738 shares. Harris Corporation has a 1-year low of $92.35 and a 1-year high of $141.97. The stock has a market capitalization of $16.72 billion, a P/E ratio of 31.48 and a beta of 1.18. The company’s 50 day moving average price is $133.26 and its 200-day moving average price is $118.66.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.64%. Harris Corporation’s dividend payout ratio is 51.47%.
A number of equities research analysts recently commented on the company. Credit Suisse Group reiterated an “outperform” rating and issued a $155.00 target price (up from $144.00) on shares of Harris Corporation in a research report on Wednesday. They noted that the move was a valuation call. Jefferies Group LLC boosted their target price on Harris Corporation to $157.00 and gave the stock a “buy” rating in a research report on Wednesday. Cowen and Company restated a “buy” rating and set a $150.00 price objective on shares of Harris Corporation in a research report on Tuesday. Zacks Investment Research upgraded Harris Corporation from a “hold” rating to a “buy” rating and set a $153.00 price objective on the stock in a research report on Monday, October 16th. Finally, Seaport Global Securities restated a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Harris Corporation in a research report on Monday, October 9th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Harris Corporation has an average rating of “Buy” and an average target price of $145.00.
In related news, insider Christopher D. Young sold 4,070 shares of Harris Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $118.93, for a total value of $484,045.10. Following the completion of the sale, the insider now owns 46,131 shares in the company, valued at approximately $5,486,359.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Scott T. Mikuen sold 13,600 shares of Harris Corporation stock in a transaction that occurred 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 sale, the senior vice president now owns 61,349 shares of the company’s stock, valued at approximately $7,568,012.64. The disclosure for this sale can be found here. Insiders sold a total of 72,357 shares of company stock valued at $8,643,111 in the last quarter. 1.91% of the stock is owned by insiders.
WARNING: This article was first published by American Banking News and is the property of of American Banking News. If you are accessing this article on another website, it was illegally copied and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this article can be viewed at https://www.americanbankingnews.com/2017/10/31/harris-corporation-hrs-issues-quarterly-earnings-results-beats-estimates-by-0-04-eps.html.
Harris Corporation Company Profile
Receive News & Ratings for Harris Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris Corporation and related companies with MarketBeat.com's FREE daily email newsletter.