Brokerages Expect Harris Co. (NYSE:HRS) Will Post Earnings of $2.30 Per Share

Equities research analysts expect that Harris Co. (NYSE:HRS) will post earnings per share (EPS) of $2.30 for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for Harris’ earnings, with estimates ranging from $2.30 to $2.31. Harris reported earnings of $1.78 per share in the same quarter last year, which would suggest a positive year over year growth rate of 29.2%. The business is scheduled to announce its next earnings results on Tuesday, July 30th.

According to Zacks, analysts expect that Harris will report full year earnings of $8.12 per share for the current year, with EPS estimates ranging from $8.00 to $8.15. For the next financial year, analysts expect that the firm will report earnings of $9.00 per share, with EPS estimates ranging from $8.59 to $9.20. Zacks’ earnings per share averages are an average based on a survey of research analysts that that provide coverage for Harris.

Harris (NYSE:HRS) last announced its earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.07. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $1.67 earnings per share.

Several brokerages have recently weighed in on HRS. Barclays raised their target price on Harris from $180.00 to $205.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. Raymond James increased their price target on shares of Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Zacks Investment Research cut shares of Harris from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. Finally, Argus increased their price target on shares of Harris to $200.00 and gave the stock a “positive” rating in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $201.13.

In other Harris news, insider William H. Gattle sold 5,131 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $178.71, for a total value of $916,961.01. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Robert L. Duffy sold 9,124 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $179.99, for a total transaction of $1,642,228.76. The disclosure for this sale can be found here. Company insiders own 2.51% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Harris by 1.5% in the first quarter. BlackRock Inc. now owns 9,702,108 shares of the communications equipment provider’s stock worth $1,549,525,000 after acquiring an additional 141,508 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Harris by 14.7% in the first quarter. Janus Henderson Group PLC now owns 5,078,411 shares of the communications equipment provider’s stock worth $811,076,000 after acquiring an additional 652,182 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in Harris by 42.2% in the first quarter. Artisan Partners Limited Partnership now owns 4,535,465 shares of the communications equipment provider’s stock worth $724,359,000 after acquiring an additional 1,346,524 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Harris by 63.5% in the first quarter. Goldman Sachs Group Inc. now owns 2,034,124 shares of the communications equipment provider’s stock worth $324,870,000 after acquiring an additional 789,914 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Harris by 2.0% in the first quarter. Geode Capital Management LLC now owns 1,565,877 shares of the communications equipment provider’s stock worth $249,627,000 after acquiring an additional 30,160 shares during the last quarter. 97.28% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Harris stock opened at $198.21 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.42 and a quick ratio of 1.15. The stock has a market cap of $23.41 billion, a PE ratio of 30.49, a price-to-earnings-growth ratio of 3.04 and a beta of 1.03. Harris has a 1-year low of $123.24 and a 1-year high of $198.78.

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Friday, May 17th were given a dividend of $0.685 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $2.74 annualized dividend and a dividend yield of 1.38%. Harris’s payout ratio is 42.15%.

About Harris

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.

Read More: Using the New Google Finance Tool

Get a free copy of the Zacks research report on Harris (HRS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Harris (NYSE:HRS)

Receive News & Ratings for Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris and related companies with MarketBeat.com's FREE daily email newsletter.