Seaport Global Securities Weighs in on Harris Corporation’s Q2 2018 Earnings (HRS)
Harris Corporation (NYSE:HRS) – Research analysts at Seaport Global Securities increased their Q2 2018 earnings estimates for shares of Harris Corporation in a report released on Tuesday. Seaport Global Securities analyst J. Sullivan now anticipates that the communications equipment provider will post earnings per share of $1.39 for the quarter, up from their previous forecast of $1.37. Seaport Global Securities has a “Buy” rating and a $145.00 price objective on the stock. Seaport Global Securities also issued estimates for Harris Corporation’s FY2018 earnings at $6.05 EPS, Q1 2019 earnings at $1.54 EPS, Q2 2019 earnings at $1.67 EPS, Q3 2019 earnings at $1.99 EPS, Q4 2019 earnings at $2.09 EPS and FY2019 earnings at $7.28 EPS.
Harris Corporation (NYSE:HRS) last announced its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.03. The company had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.44 billion. Harris Corporation had a return on equity of 23.36% and a net margin of 9.02%. The company’s revenue was down .5% on a year-over-year basis. During the same period last year, the firm earned $1.28 earnings per share. COPYRIGHT VIOLATION WARNING: This article was first published by American Banking News and is the sole property of of American Banking News. If you are reading this article on another site, it was stolen and reposted in violation of U.S. and international trademark and copyright legislation. The legal version of this article can be viewed at https://www.americanbankingnews.com/2017/11/02/seaport-global-securities-weighs-in-on-harris-corporations-q2-2018-earnings-hrs.html.
Several other research analysts also recently issued reports on HRS. Cowen and Company restated a “buy” rating and set a $125.00 price objective on shares of Harris Corporation in a report on Thursday, July 6th. Jefferies Group LLC restated a “buy” rating and set a $125.00 price objective on shares of Harris Corporation in a report on Friday, July 7th. BidaskClub upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Zacks Investment Research raised shares of Harris Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 24th. Finally, Credit Suisse Group assumed coverage on shares of Harris Corporation in a research note on Monday, August 28th. They issued an “outperform” rating and a $144.00 target price on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $145.43.
A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Harris Corporation by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 13,405,643 shares of the communications equipment provider’s stock valued at $1,462,287,000 after buying an additional 114,384 shares during the period. BlackRock Inc. grew its holdings in shares of Harris Corporation by 2.3% during the 2nd quarter. BlackRock Inc. now owns 7,848,843 shares of the communications equipment provider’s stock valued at $856,150,000 after purchasing an additional 178,626 shares during the last quarter. Capital Research Global Investors bought a new stake in shares of Harris Corporation during the 2nd quarter valued at approximately $304,508,000. Janus Henderson Group PLC grew its holdings in shares of Harris Corporation by 12,337.7% during the 2nd quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after purchasing an additional 2,439,664 shares during the last quarter. Finally, Burgundy Asset Management Ltd. grew its holdings in shares of Harris Corporation by 1.6% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 1,287,891 shares of the communications equipment provider’s stock valued at $140,483,000 after purchasing an additional 20,765 shares during the last quarter. 84.54% of the stock is currently owned by hedge funds and other institutional investors.
In other Harris Corporation news, insider Christopher D. Young sold 4,070 shares of Harris Corporation stock in a transaction dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Scott T. Mikuen sold 4,387 shares of Harris Corporation stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $121.70, for a total transaction of $533,897.90. 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. Corporate insiders own 1.91% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 1.64%. The ex-dividend date is Thursday, November 16th. Harris Corporation’s dividend payout ratio (DPR) is 50.89%.
Harris Corporation Company Profile
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