Harris Corporation (HRS) Releases Earnings Results, Beats Expectations By $0.03 EPS
Harris Corporation (NYSE:HRS) issued its earnings results on Tuesday. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.03, Bloomberg Earnings reports. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the previous year, the business earned $1.28 EPS. The company’s revenue for the quarter was down .5% on a year-over-year basis. Harris Corporation updated its FY18 guidance to $5.85-6.05 EPS.
Harris Corporation (NYSE:HRS) traded down 0.06% during trading on Wednesday, reaching $139.24. The company had a trading volume of 191,598 shares. The stock has a 50 day moving average of $133.26 and a 200-day moving average of $118.66. The company has a market capitalization of $16.68 billion, a P/E ratio of 31.39 and a beta of 1.18. Harris Corporation has a 12 month low of $92.35 and a 12 month high of $141.97.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Thursday, November 16th. Harris Corporation’s dividend payout ratio (DPR) is presently 51.47%.
In related news, SVP Scott T. Mikuen sold 13,600 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $123.36, for a total transaction of $1,677,696.00. Following the completion of the sale, the senior vice president now owns 61,349 shares in the company, valued at approximately $7,568,012.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Christopher D. Young sold 4,070 shares of the stock in a transaction that occurred on 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 owns 46,131 shares of the company’s stock, valued at approximately $5,486,359.83. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,357 shares of company stock worth $8,643,111. 1.91% of the stock is currently owned by insiders.
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A number of analysts have recently issued reports on the company. J P Morgan Chase & Co boosted their target price on Harris Corporation from $138.00 to $148.00 and gave the stock an “overweight” rating in a report on Wednesday. Credit Suisse Group reiterated an “outperform” rating and set a $155.00 target price (up previously from $144.00) on shares of Harris Corporation in a report on Wednesday. They noted that the move was a valuation call. Cowen and Company reiterated a “buy” rating and set a $150.00 target price on shares of Harris Corporation in a report on Tuesday. Jefferies Group LLC boosted their target price on Harris Corporation to $157.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, BidaskClub upgraded Harris Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Harris Corporation presently has a consensus rating of “Buy” and an average target price of $145.43.
Harris Corporation Company Profile
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