Brokers Issue Forecasts for Harris Corporation’s Q2 2018 Earnings (HRS)

Harris Corporation (NYSE:HRS) – Equities research analysts at Seaport Global Securities boosted their Q2 2018 earnings per share (EPS) estimates for Harris Corporation in a research report issued to clients and investors on Tuesday. Seaport Global Securities analyst J. Sullivan now forecasts 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 currently has a “Buy” rating and a $145.00 target price 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.

Other equities analysts have also recently issued reports about the stock. Cowen and Company reiterated a “buy” rating and set a $134.00 price objective (up from $125.00) on shares of Harris Corporation in a research report on Tuesday, September 12th. ValuEngine upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Jefferies Group LLC reiterated a “buy” rating and set a $135.00 price objective on shares of Harris Corporation in a research report on Thursday, September 21st. BidaskClub upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Zacks Investment Research upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating and set a $153.00 price target on the stock in a report on Monday, October 16th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $145.43.

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Harris Corporation (NYSE:HRS) opened at $139.41 on Thursday. Harris Corporation has a 52-week low of $92.35 and a 52-week high of $141.97. The firm has a market cap of $16.62 billion, a P/E ratio of 24.18, a price-to-earnings-growth ratio of 3.27 and a beta of 1.12. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.64 and a current ratio of 1.11.

Harris Corporation (NYSE:HRS) last posted its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.03. Harris Corporation had a net margin of 9.02% and a return on equity of 23.36%. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the company posted $1.28 EPS. The company’s quarterly revenue was down .5% compared to the same quarter last year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Thursday, November 16th. Harris Corporation’s dividend payout ratio is currently 42.62%.

In related news, insider Christopher D. Young sold 4,070 shares of Harris Corporation stock in a transaction 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 of the company’s stock, valued at approximately $5,486,359.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Scott T. Mikuen sold 13,600 shares of Harris Corporation stock in a transaction 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 directly 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. Over the last 90 days, insiders have sold 72,357 shares of company stock worth $8,643,111. 1.91% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Harwood Advisory Group LLC lifted its stake in shares of Harris Corporation by 0.4% in the 2nd quarter. Harwood Advisory Group LLC now owns 2,119 shares of the communications equipment provider’s stock valued at $231,000 after purchasing an additional 9 shares during the last quarter. EP Wealth Advisors LLC lifted its stake in shares of Harris Corporation by 1.0% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,875 shares of the communications equipment provider’s stock valued at $205,000 after purchasing an additional 19 shares during the last quarter. Blue Chip Partners Inc. lifted its stake in shares of Harris Corporation by 1.0% in the 2nd quarter. Blue Chip Partners Inc. now owns 2,729 shares of the communications equipment provider’s stock valued at $298,000 after purchasing an additional 26 shares during the last quarter. Thrivent Financial For Lutherans lifted its stake in shares of Harris Corporation by 0.6% in the 2nd quarter. Thrivent Financial For Lutherans now owns 4,685 shares of the communications equipment provider’s stock valued at $511,000 after purchasing an additional 30 shares during the last quarter. Finally, Prospera Financial Services Inc lifted its stake in shares of Harris Corporation by 1.4% in the 2nd quarter. Prospera Financial Services Inc now owns 2,192 shares of the communications equipment provider’s stock valued at $239,000 after purchasing an additional 31 shares during the last quarter. 84.54% of the stock is owned by institutional investors and hedge funds.

Harris Corporation Company Profile

Earnings History and Estimates for Harris Corporation (NYSE:HRS)

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