Harris (HRS) Announces Earnings Results, Beats Expectations By $0.07 EPS

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Harris (NYSE:HRS) posted its earnings results on Wednesday. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.04 by $0.07, MarketWatch Earnings reports. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.70 billion. Harris had a net margin of 13.29% and a return on equity of 26.55%. The company’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.67 EPS. Harris updated its FY 2019 guidance to $8.15-8.15 EPS and its FY19 guidance to $8.15 EPS.

Shares of NYSE:HRS opened at $177.78 on Friday. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.27 and a quick ratio of 1.04. Harris has a 52-week low of $123.24 and a 52-week high of $181.48. The company has a market capitalization of $21.12 billion, a price-to-earnings ratio of 27.35, a PEG ratio of 2.63 and a beta of 1.23.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th will be given a $0.685 dividend. This represents a $2.74 annualized dividend and a yield of 1.54%. The ex-dividend date is Thursday, May 16th. Harris’s dividend payout ratio (DPR) is 42.15%.

In other Harris news, SVP Robert L. Duffy sold 40,000 shares of the stock in a transaction that occurred on Friday, February 8th. The shares were sold at an average price of $158.66, for a total value of $6,346,400.00. Following the completion of the sale, the senior vice president now owns 63,918 shares of the company’s stock, valued at $10,141,229.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.51% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of HRS. Norges Bank acquired a new stake in Harris in the fourth quarter valued at approximately $150,507,000. American Century Companies Inc. acquired a new stake in Harris in the fourth quarter valued at approximately $124,367,000. Janus Henderson Group PLC grew its position in Harris by 14.7% in the first quarter. Janus Henderson Group PLC now owns 5,078,411 shares of the communications equipment provider’s stock valued at $811,076,000 after acquiring an additional 652,182 shares in the last quarter. Ceredex Value Advisors LLC acquired a new stake in Harris in the fourth quarter valued at approximately $42,185,000. Finally, Two Sigma Advisers LP grew its position in Harris by 119.2% in the fourth quarter. Two Sigma Advisers LP now owns 337,504 shares of the communications equipment provider’s stock valued at $45,445,000 after acquiring an additional 183,525 shares in the last quarter. 91.79% of the stock is owned by institutional investors.

A number of research firms recently issued reports on HRS. Raymond James increased their target price on shares of Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research report on Wednesday. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research report on Tuesday. Cowen reissued a “buy” rating and set a $194.00 target price on shares of Harris in a research report on Thursday, February 7th. Finally, Argus increased their target price on shares of Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 30th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Harris has an average rating of “Buy” and an average target price of $183.50.

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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, 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.

Read More: Price to Earnings Ratio (PE) Basics

Earnings History for Harris (NYSE:HRS)

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