Zacks: Brokerages Expect Harris Corporation (HRS) Will Post Earnings of $1.40 Per Share

Wall Street analysts predict that Harris Corporation (NYSE:HRS) will report earnings of $1.40 per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Harris Corporation’s earnings, with estimates ranging from $1.39 to $1.42. Harris Corporation reported earnings per share of $1.42 in the same quarter last year, which suggests a negative year over year growth rate of 1.4%. The company is scheduled to announce its next quarterly earnings report on Thursday, February 1st.

According to Zacks, analysts expect that Harris Corporation will report full year earnings of $5.99 per share for the current financial year, with EPS estimates ranging from $5.92 to $6.05. For the next fiscal year, analysts forecast that the business will report earnings of $6.93 per share, with EPS estimates ranging from $6.55 to $7.28. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research analysts that follow Harris Corporation.

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

A number of equities research analysts recently commented on HRS shares. Cowen and Company reaffirmed a “buy” rating and set a $134.00 target price (up previously from $125.00) on shares of Harris Corporation in a report on Tuesday, September 12th. ValuEngine raised Harris Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Jefferies Group LLC reaffirmed a “buy” rating and set a $135.00 target price on shares of Harris Corporation in a report on Thursday, September 21st. BidaskClub raised Harris Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Seaport Global Securities reaffirmed a “buy” rating and set a $145.00 target price (up previously from $135.00) on shares of Harris Corporation in a report on Monday, October 9th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $145.43.

In other Harris Corporation news, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the completion of the transaction, the insider now directly owns 46,131 shares of the company’s stock, valued at $5,486,359.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Scott T. Mikuen sold 13,600 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total value of $1,677,696.00. Following the completion of the transaction, the senior vice president now directly owns 61,349 shares of the company’s stock, valued at $7,568,012.64. The disclosure for this sale can be found here. Insiders sold 72,357 shares of company stock valued at $8,643,111 over the last three months. 1.91% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in HRS. Trust Co. of Vermont lifted its holdings in Harris Corporation by 20.6% in the second quarter. Trust Co. of Vermont now owns 919 shares of the communications equipment provider’s stock valued at $100,000 after acquiring an additional 157 shares during the period. BB&T Investment Services Inc. acquired a new position in Harris Corporation in the second quarter valued at approximately $113,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Harris Corporation by 110.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock valued at $131,000 after acquiring an additional 632 shares during the period. BT Investment Management Ltd acquired a new position in shares of Harris Corporation during the 2nd quarter worth approximately $157,000. Finally, Stephens Inc. AR acquired a new position in shares of Harris Corporation during the 2nd quarter worth approximately $167,000. 84.54% of the stock is owned by institutional investors.

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Harris Corporation (NYSE:HRS) traded up $2.31 during trading on Friday, hitting $139.41. The company had a trading volume of 970,043 shares, compared to its average volume of 509,024. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.64. Harris Corporation has a 12-month low of $92.35 and a 12-month high of $141.97. The firm has a market capitalization of $16,617.81, a P/E ratio of 24.59, a price-to-earnings-growth ratio of 3.32 and a beta of 1.12.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date is Thursday, November 16th. Harris Corporation’s payout ratio is presently 50.89%.

Harris Corporation Company Profile

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

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