Harris Corporation Expected to Post Q1 2018 Earnings of $1.35 Per Share (HRS)

Harris Corporation (NYSE:HRS) – Stock analysts at Seaport Global Securities increased their Q1 2018 EPS estimates for Harris Corporation in a research report issued on Monday. Seaport Global Securities analyst J. Sullivan now expects that the communications equipment provider will earn $1.35 per share for the quarter, up from their previous estimate of $1.27. Seaport Global Securities currently has a “Buy” rating and a $145.00 price objective on the stock. Seaport Global Securities also issued estimates for Harris Corporation’s Q3 2018 earnings at $1.65 EPS, Q4 2018 earnings at $1.63 EPS, Q1 2019 earnings at $1.50 EPS, Q2 2019 earnings at $1.65 EPS, Q3 2019 earnings at $1.97 EPS, Q4 2019 earnings at $2.07 EPS and FY2019 earnings at $7.19 EPS.

Several other research analysts have also commented on HRS. Zacks Investment Research lowered Harris Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Cowen and Company reiterated a “buy” rating and set a $125.00 price target on shares of Harris Corporation in a report on Thursday, July 6th. Jefferies Group LLC reiterated a “buy” rating and set a $125.00 price target on shares of Harris Corporation in a report on Friday, July 7th. BidaskClub upgraded Harris Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Credit Suisse Group started coverage on Harris Corporation in a report on Monday, August 28th. They set an “outperform” rating and a $144.00 price target on the stock. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Harris Corporation has a consensus rating of “Buy” and a consensus target price of $128.00.

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Shares of Harris Corporation (NYSE HRS) traded up 0.2597% during midday trading on Tuesday, hitting $136.3532. 93,558 shares of the stock traded hands. Harris Corporation has a 12-month low of $88.89 and a 12-month high of $136.63. The company’s 50 day moving average price is $127.71 and its 200-day moving average price is $116.04. The stock has a market cap of $16.33 billion, a price-to-earnings ratio of 30.7379 and a beta of 1.18.

Harris Corporation (NYSE:HRS) last announced its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.49. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm posted $1.45 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Harris Corporation by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 13,405,643 shares of the communications equipment provider’s stock valued at $1,462,287,000 after buying an additional 114,384 shares during the period. BlackRock Inc. raised its holdings in Harris Corporation by 2.3% in the 2nd quarter. BlackRock Inc. now owns 7,848,843 shares of the communications equipment provider’s stock valued at $856,150,000 after buying an additional 178,626 shares during the period. State Street Corp raised its holdings in Harris Corporation by 3.9% in the 1st quarter. State Street Corp now owns 5,085,846 shares of the communications equipment provider’s stock valued at $565,898,000 after buying an additional 188,952 shares during the period. Capital Research Global Investors purchased a new stake in Harris Corporation in the 2nd quarter valued at about $304,508,000. Finally, Janus Henderson Group PLC raised its holdings in Harris Corporation by 12,337.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after buying an additional 2,439,664 shares during the period. Hedge funds and other institutional investors own 84.99% of the company’s stock.

In related news, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $118.93, for a total value of $484,045.10. Following the sale, the insider now directly owns 46,131 shares in the company, valued at approximately $5,486,359.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Sheldon J. Fox sold 50,300 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the completion of the sale, the senior vice president now owns 73,092 shares in the company, valued at $8,642,398.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,357 shares of company stock worth $8,643,111. 1.91% of the stock is owned by insiders.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Friday, September 8th were issued a $0.57 dividend. This is a positive change from Harris Corporation’s previous quarterly dividend of $0.53. This represents a $2.28 annualized dividend and a yield of 1.68%. The ex-dividend date was Thursday, September 7th. Harris Corporation’s payout ratio is 51.47%.

About Harris Corporation

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

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