Harris Co. (HRS) Expected to Post Quarterly Sales of $1.53 Billion

Brokerages expect Harris Co. (NYSE:HRS) to announce sales of $1.53 billion for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Harris’ earnings, with the highest sales estimate coming in at $1.55 billion and the lowest estimate coming in at $1.52 billion. Harris reported sales of $1.41 billion during the same quarter last year, which indicates a positive year over year growth rate of 8.5%. The business is scheduled to issue its next quarterly earnings results on Tuesday, October 30th.

On average, analysts expect that Harris will report full year sales of $6.63 billion for the current fiscal year, with estimates ranging from $6.61 billion to $6.64 billion. For the next financial year, analysts expect that the business will report sales of $7.10 billion per share, with estimates ranging from $7.04 billion to $7.17 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Harris.

Harris (NYSE:HRS) last posted its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.02. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.62 billion. Harris had a net margin of 11.61% and a return on equity of 25.36%. Harris’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.49 earnings per share.

HRS has been the subject of a number of research reports. Argus increased their price target on shares of Harris to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Seaport Global Securities reissued a “buy” rating and issued a $185.00 price target on shares of Harris in a research note on Thursday, August 2nd. Credit Suisse Group increased their price target on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Finally, UBS Group initiated coverage on shares of Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Harris presently has a consensus rating of “Buy” and a consensus price target of $173.60.

In other Harris news, VP Todd A. Taylor sold 18,698 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total transaction of $3,025,149.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott T. Mikuen sold 3,903 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total transaction of $627,407.25. Following the transaction, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,401 shares of company stock valued at $11,123,911. 2.51% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Harris by 0.6% during the second quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock valued at $1,428,028,000 after purchasing an additional 57,038 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Harris by 14.1% during the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock valued at $440,918,000 after purchasing an additional 377,269 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Harris by 28.2% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock valued at $168,521,000 after purchasing an additional 256,780 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Harris by 86.0% during the first quarter. JPMorgan Chase & Co. now owns 852,437 shares of the communications equipment provider’s stock valued at $137,480,000 after purchasing an additional 394,079 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of Harris by 1.5% during the second quarter. Bessemer Group Inc. now owns 745,082 shares of the communications equipment provider’s stock valued at $107,695,000 after purchasing an additional 11,026 shares in the last quarter. 85.73% of the stock is owned by institutional investors and hedge funds.

Harris stock opened at $163.47 on Friday. Harris has a 1-year low of $122.61 and a 1-year high of $170.54. The stock has a market cap of $18.93 billion, a PE ratio of 25.15, a PEG ratio of 3.45 and a beta of 1.21. The company has a quick ratio of 0.73, a current ratio of 1.24 and a debt-to-equity ratio of 1.03.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be paid a $0.685 dividend. This is an increase from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Thursday, September 6th. Harris’s dividend payout ratio is presently 42.15%.

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, 2-channel vehicular 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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