Harris Co. (NYSE:HRS) Expected to Post Quarterly Sales of $1.80 Billion

Analysts expect that Harris Co. (NYSE:HRS) will announce sales of $1.80 billion for the current quarter, Zacks reports. Four analysts have provided estimates for Harris’ earnings, with estimates ranging from $1.80 billion to $1.82 billion. Harris reported sales of $1.67 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 7.8%. The company is scheduled to report its next earnings report on Tuesday, July 30th.

According to Zacks, analysts expect that Harris will report full-year sales of $6.74 billion for the current fiscal year, with estimates ranging from $6.73 billion to $6.75 billion. For the next year, analysts anticipate that the firm will post sales of $7.22 billion, with estimates ranging from $7.10 billion to $7.30 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Harris.

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

A number of analysts have recently commented on HRS shares. Raymond James upped their target price on Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Zacks Investment Research upgraded Harris from a “sell” rating to a “hold” rating and set a $201.00 target price on the stock in a research note on Tuesday, April 30th. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th. Barclays upped their target price on Harris from $180.00 to $205.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Finally, Argus upped their target price on Harris to $200.00 and gave the stock a “positive” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $201.13.

Shares of HRS opened at $198.21 on Thursday. Harris has a 52 week low of $123.24 and a 52 week high of $198.78. The company has a current ratio of 1.42, a quick ratio of 1.15 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $23.41 billion, a PE ratio of 30.49, a P/E/G ratio of 3.04 and a beta of 1.03.

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

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

Hedge funds have recently modified their holdings of the business. Sigma Planning Corp lifted its position in shares of Harris by 3.1% in the first quarter. Sigma Planning Corp now owns 2,022 shares of the communications equipment provider’s stock valued at $323,000 after acquiring an additional 61 shares in the last quarter. GAM Holding AG lifted its position in shares of Harris by 0.6% in the fourth quarter. GAM Holding AG now owns 10,844 shares of the communications equipment provider’s stock valued at $1,460,000 after acquiring an additional 66 shares in the last quarter. Weatherstone Capital Management lifted its position in shares of Harris by 2.8% in the first quarter. Weatherstone Capital Management now owns 2,756 shares of the communications equipment provider’s stock valued at $440,000 after acquiring an additional 74 shares in the last quarter. Shine Investment Advisory Services Inc. lifted its position in shares of Harris by 25.1% in the first quarter. Shine Investment Advisory Services Inc. now owns 419 shares of the communications equipment provider’s stock valued at $67,000 after acquiring an additional 84 shares in the last quarter. Finally, GWM Advisors LLC lifted its position in shares of Harris by 4.3% in the first quarter. GWM Advisors LLC now owns 2,071 shares of the communications equipment provider’s stock valued at $331,000 after acquiring an additional 85 shares in the last quarter. Institutional investors own 97.28% of the company’s stock.

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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Earnings History and Estimates for Harris (NYSE:HRS)

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