Zacks: Analysts Anticipate Harris Co. (HRS) Will Announce Earnings of $1.91 Per Share

Wall Street analysts expect Harris Co. (NYSE:HRS) to report $1.91 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Harris’ earnings, with the lowest EPS estimate coming in at $1.88 and the highest estimate coming in at $1.96. Harris reported earnings of $1.67 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 14.4%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, January 29th.

On average, analysts expect that Harris will report full year earnings of $7.86 per share for the current financial year, with EPS estimates ranging from $7.83 to $7.88. For the next financial year, analysts anticipate that the company will post earnings of $8.76 per share, with EPS estimates ranging from $8.60 to $8.90. Zacks’ earnings per share averages are a mean average based on a survey of research firms that follow Harris.

Harris (NYSE:HRS) last released its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.06. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. Harris had a return on equity of 26.39% and a net margin of 12.20%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.38 earnings per share.

HRS has been the subject of a number of recent analyst reports. Credit Suisse Group upped their price objective on Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, October 15th. Seaport Global Securities reaffirmed a “buy” rating and issued a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. UBS Group initiated coverage on Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective for the company. Zacks Investment Research raised Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Finally, Raymond James upped their price objective on Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 16th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Harris has an average rating of “Buy” and a consensus price target of $182.22.

Shares of NYSE HRS traded up $1.63 during mid-day trading 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. The firm has a market cap of $18.01 billion, a price-to-earnings ratio of 23.56 and a beta of 1.29. The company has a quick ratio of 0.96, a current ratio of 1.17 and a debt-to-equity ratio of 1.05. Harris has a 52 week low of $136.93 and a 52 week high of $175.50.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Investors 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 payout ratio is presently 42.15%.

In related news, SVP Sheldon J. Fox sold 45,800 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the completion of the transaction, the senior vice president now directly owns 95,448 shares of the company’s stock, valued at $15,570,432.24. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Edward J. Zoiss sold 26,311 shares of the 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 transaction, the insider now directly owns 1,286 shares of the company’s stock, valued at $209,360.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 94,712 shares of company stock valued at $15,407,341. 2.51% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in HRS. Janus Henderson Group PLC boosted 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 valued at $440,918,000 after buying an additional 377,269 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of Harris by 5,847.4% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 318,898 shares of the communications equipment provider’s stock valued at $53,961,000 after purchasing an additional 313,536 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Harris by 28.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock valued at $168,521,000 after purchasing an additional 256,780 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of Harris by 409.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 226,738 shares of the communications equipment provider’s stock valued at $32,773,000 after purchasing an additional 182,267 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Harris in the 2nd quarter valued at approximately $23,430,000. 85.42% of the stock is owned by institutional investors.

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, 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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