Harris Co. (HRS) Expected to Post Quarterly Sales of $1.55 Billion

Brokerages expect Harris Co. (NYSE:HRS) to announce sales of $1.55 billion for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Harris’ earnings, with the lowest sales estimate coming in at $1.54 billion and the highest estimate coming in at $1.56 billion. Harris posted sales of $1.49 billion in the same quarter last year, which would indicate a positive year over year growth rate of 4%. The company is scheduled to issue its next quarterly earnings results before the market opens on Wednesday, May 2nd.

According to Zacks, analysts expect that Harris will report full-year sales of $6.11 billion for the current fiscal year, with estimates ranging from $6.05 billion to $6.14 billion. For the next financial year, analysts forecast that the business will report sales of $6.49 billion per share, with estimates ranging from $6.43 billion to $6.59 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Harris.

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Harris (NYSE:HRS) last released its earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.28. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.48 billion. Harris had a net margin of 8.63% and a return on equity of 24.49%. The business’s revenue was up 5.9% on a year-over-year basis. During the same period last year, the company posted $1.38 EPS.

Several equities analysts have commented on HRS shares. Credit Suisse Group boosted their price target on shares of Harris from $167.00 to $187.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 31st. Citigroup boosted their target price on shares of Harris from $160.00 to $183.00 and gave the stock a “buy” rating in a research note on Tuesday, April 10th. Cowen reissued a “buy” rating and issued a $157.00 price target on shares of Harris in a research report on Monday, January 22nd. Zacks Investment Research cut shares of Harris from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Barclays assumed coverage on shares of Harris in a report on Thursday, March 29th. They issued an “equal weight” rating and a $173.00 target price for the company. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $169.33.

In other news, SVP Dana A. Mehnert sold 51,200 shares of Harris stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $153.19, for a total value of $7,843,328.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Scott T. Mikuen sold 20,000 shares of Harris stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $151.18, for a total transaction of $3,023,600.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,882 shares of company stock valued at $12,221,320. 1.91% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Harris by 10.2% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 48,416 shares of the communications equipment provider’s stock worth $6,375,000 after purchasing an additional 4,500 shares in the last quarter. Norinchukin Bank The grew its position in Harris by 6.6% in the fourth quarter. Norinchukin Bank The now owns 9,869 shares of the communications equipment provider’s stock worth $1,398,000 after acquiring an additional 614 shares in the last quarter. Polaris Greystone Financial Group LLC grew its position in Harris by 20.0% in the fourth quarter. Polaris Greystone Financial Group LLC now owns 15,662 shares of the communications equipment provider’s stock worth $2,219,000 after acquiring an additional 2,605 shares in the last quarter. Fox Run Management L.L.C. grew its position in Harris by 69.1% in the fourth quarter. Fox Run Management L.L.C. now owns 6,935 shares of the communications equipment provider’s stock worth $982,000 after acquiring an additional 2,835 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Harris in the fourth quarter worth $332,000. Institutional investors own 84.95% of the company’s stock.

Shares of HRS stock traded down $1.07 during trading on Thursday, hitting $161.69. 425,866 shares of the stock traded hands, compared to its average volume of 901,110. The firm has a market cap of $19,324.46, a PE ratio of 29.24, a PEG ratio of 4.19 and a beta of 1.27. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.68 and a current ratio of 1.22. Harris has a 52-week low of $106.18 and a 52-week high of $164.69.

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 21st. Investors of record on Thursday, March 8th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date was Wednesday, March 7th. Harris’s payout ratio is 41.23%.

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About Harris

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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