Harris Co. (HRS) Expected to Post Quarterly Sales of $1.53 Billion
Equities research analysts expect that Harris Co. (NYSE:HRS) will report sales of $1.53 billion for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Harris’ earnings, with the lowest sales estimate coming in at $1.52 billion and the highest estimate coming in at $1.55 billion. Harris reported sales of $1.41 billion in the same quarter last year, which would suggest a positive year over year growth rate of 8.5%. The company is expected to report its next quarterly earnings report 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 year, analysts expect that the business will post sales of $7.10 billion per share, with estimates ranging from $7.04 billion to $7.17 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Harris.
Harris (NYSE:HRS) last posted its quarterly 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. Harris had a net margin of 11.61% and a return on equity of 25.36%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the company posted $1.49 EPS. The business’s revenue for the quarter was up 8.0% on a year-over-year basis.
Shares of NYSE:HRS traded down $0.14 on Tuesday, reaching $162.33. 16,775 shares of the company were exchanged, compared to its average volume of 689,957. The company has a quick ratio of 0.47, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. Harris has a 1-year low of $120.57 and a 1-year high of $170.54. The stock has a market cap of $19.32 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 3.52 and a beta of 1.22.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be given a $0.685 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This is a positive change from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 annualized dividend and a dividend yield of 1.69%. Harris’s payout ratio is currently 35.08%.
In related news, SVP Sheldon J. Fox sold 45,800 shares of the business’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total value of $7,471,354.00. Following the sale, the senior vice president now directly owns 95,448 shares in the company, valued at approximately $15,570,432.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.91% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in HRS. CWM LLC lifted its holdings in shares of Harris by 40.5% during the 2nd quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock worth $171,000 after acquiring an additional 341 shares during the period. Bridgeworth LLC lifted its holdings in shares of Harris by 28.0% during the 2nd quarter. Bridgeworth LLC now owns 1,600 shares of the communications equipment provider’s stock worth $230,000 after acquiring an additional 350 shares during the period. Sigma Planning Corp lifted its holdings in shares of Harris by 22.9% during the 2nd quarter. Sigma Planning Corp now owns 1,907 shares of the communications equipment provider’s stock worth $276,000 after acquiring an additional 355 shares during the period. Ascension Asset Management LLC lifted its holdings in shares of Harris by 3.0% during the 2nd quarter. Ascension Asset Management LLC now owns 13,075 shares of the communications equipment provider’s stock worth $1,890,000 after acquiring an additional 375 shares during the period. Finally, Brookmont Capital Management lifted its holdings in shares of Harris by 1.6% during the 2nd quarter. Brookmont Capital Management now owns 24,086 shares of the communications equipment provider’s stock worth $3,481,000 after acquiring an additional 384 shares during the period. Institutional investors and hedge funds own 84.73% of the company’s stock.
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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