Brokerages expect Harris Co. (NYSE:HRS) to report $1.70 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Harris’ earnings. The lowest sales estimate is $1.68 billion and the highest is $1.71 billion. Harris posted sales of $1.57 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 8.3%. The firm is scheduled to report its next quarterly earnings results on Wednesday, May 1st.
On average, analysts expect that Harris will report full year sales of $6.70 billion for the current fiscal year, with estimates ranging from $6.64 billion to $6.72 billion. For the next financial year, analysts anticipate that the business will report sales of $7.16 billion, with estimates ranging from $7.07 billion to $7.23 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Harris.
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Harris (NYSE:HRS) last issued its quarterly earnings data on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.91 by $0.05. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.63 billion. Harris had a return on equity of 26.55% and a net margin of 13.29%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last year, the company earned $1.67 EPS.
A number of brokerages have recently weighed in on HRS. Barclays cut their price objective on Harris from $181.00 to $161.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 4th. Argus lifted their price objective on Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 30th. Cowen reiterated a “buy” rating and issued a $194.00 price objective on shares of Harris in a research report on Thursday, February 7th. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research report on Tuesday, January 29th. Finally, Zacks Investment Research lowered Harris from a “buy” rating to a “hold” rating in a research report on Thursday, January 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $182.33.
In related news, SVP Robert L. Duffy sold 40,000 shares of Harris stock in a transaction that occurred on Friday, February 8th. The stock was sold at an average price of $158.66, for a total transaction of $6,346,400.00. Following the sale, the senior vice president now directly owns 63,918 shares in the company, valued at $10,141,229.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.51% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. bought a new stake in shares of Harris during the fourth quarter valued at approximately $31,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of Harris by 48.8% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 308 shares of the communications equipment provider’s stock valued at $41,000 after purchasing an additional 101 shares in the last quarter. Financial Gravity Companies Inc. bought a new stake in Harris in the fourth quarter worth $67,000. Capital Investment Advisory Services LLC bought a new stake in Harris in the fourth quarter worth $81,000. Finally, Nikko Asset Management Americas Inc. boosted its holdings in Harris by 174.9% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 778 shares of the communications equipment provider’s stock worth $105,000 after acquiring an additional 495 shares in the last quarter. Institutional investors own 86.10% of the company’s stock.
Shares of HRS stock traded up $2.56 during trading hours on Wednesday, reaching $164.80. The company’s stock had a trading volume of 938,243 shares, compared to its average volume of 1,152,728. The firm has a market cap of $19.09 billion, a P/E ratio of 25.35, a P/E/G ratio of 2.53 and a beta of 1.23. Harris has a one year low of $123.24 and a one year high of $175.50. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.04 and a current ratio of 1.27.
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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