Harris Co. (NYSE:HRS) – Research analysts at Seaport Global Securities increased their Q4 2019 EPS estimates for Harris in a research note issued to investors on Wednesday, May 1st. Seaport Global Securities analyst J. Sullivan now forecasts that the communications equipment provider will earn $2.30 per share for the quarter, up from their previous estimate of $2.23. Seaport Global Securities also issued estimates for Harris’ Q2 2020 earnings at $2.18 EPS, Q3 2020 earnings at $2.32 EPS, Q4 2020 earnings at $2.39 EPS and FY2020 earnings at $8.96 EPS.
Harris (NYSE:HRS) last posted its quarterly earnings data on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.07. Harris had a return on equity of 26.55% and a net margin of 13.29%. The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company earned $1.67 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis.
HRS traded up $1.08 during trading on Friday, hitting $178.86. 193,680 shares of the company’s stock traded hands, compared to its average volume of 926,029. The company has a current ratio of 1.27, a quick ratio of 1.04 and a debt-to-equity ratio of 1.00. Harris has a 12-month low of $123.24 and a 12-month high of $181.48. The company has a market cap of $21.12 billion, a price-to-earnings ratio of 27.52, a P/E/G ratio of 2.63 and a beta of 1.23.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th will be paid a dividend of $0.685 per share. The ex-dividend date is Thursday, May 16th. This represents a $2.74 annualized dividend and a yield of 1.53%. Harris’s dividend payout ratio is 42.15%.
In other Harris news, SVP Robert L. Duffy sold 40,000 shares of the stock in a transaction on Friday, February 8th. The stock was sold at an average price of $158.66, for a total transaction of $6,346,400.00. Following the sale, the senior vice president now directly owns 63,918 shares in the company, valued at approximately $10,141,229.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.51% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in shares of Harris by 14.7% in the 1st quarter. Janus Henderson Group PLC now owns 5,078,411 shares of the communications equipment provider’s stock worth $811,076,000 after buying an additional 652,182 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Harris by 4.1% in the 4th quarter. Geode Capital Management LLC now owns 1,535,717 shares of the communications equipment provider’s stock worth $206,424,000 after buying an additional 59,854 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Harris by 2.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,472,230 shares of the communications equipment provider’s stock worth $198,236,000 after buying an additional 37,676 shares during the last quarter. Boston Partners boosted its stake in shares of Harris by 2.9% in the 1st quarter. Boston Partners now owns 1,436,119 shares of the communications equipment provider’s stock worth $229,363,000 after buying an additional 40,836 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Harris by 1.5% in the 4th quarter. Northern Trust Corp now owns 1,301,314 shares of the communications equipment provider’s stock worth $175,222,000 after buying an additional 19,339 shares during the last quarter. Hedge funds and other institutional investors own 91.79% 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, 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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