Wall Street brokerages forecast that Harris Corporation (NYSE:HRS) will report earnings per share (EPS) of $1.40 for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Harris’ earnings, with the lowest EPS estimate coming in at $1.39 and the highest estimate coming in at $1.42. Harris reported earnings of $1.42 per share during the same quarter last year, which would suggest a negative year over year growth rate of 1.4%. The firm is scheduled to issue its next earnings report on Thursday, February 1st.
According to Zacks, analysts expect that Harris will report full year earnings of $5.99 per share for the current financial year, with EPS estimates ranging from $5.94 to $6.05. For the next financial year, analysts expect that the business will report earnings of $6.83 per share, with EPS estimates ranging from $6.42 to $7.28. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for Harris.
Harris (NYSE:HRS) last issued its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.03. The business had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.44 billion. Harris had a return on equity of 23.36% and a net margin of 9.02%. The business’s quarterly revenue was down .5% on a year-over-year basis. During the same period last year, the company posted $1.28 EPS.
Several brokerages recently weighed in on HRS. Zacks Investment Research lowered Harris from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. JPMorgan Chase & Co. increased their price target on Harris from $138.00 to $148.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Credit Suisse Group reiterated an “outperform” rating and issued a $155.00 price target (up from $144.00) on shares of Harris in a report on Wednesday, November 1st. They noted that the move was a valuation call. Finally, Jefferies Group increased their price target on Harris from $135.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $145.43.
Shares of Harris (HRS) traded up $1.91 on Monday, hitting $147.21. The company had a trading volume of 565,500 shares, compared to its average volume of 647,567. The company has a quick ratio of 0.64, a current ratio of 1.11 and a debt-to-equity ratio of 1.14. The stock has a market cap of $17,547.52, a price-to-earnings ratio of 32.86, a P/E/G ratio of 4.09 and a beta of 1.13. Harris has a twelve month low of $99.13 and a twelve month high of $147.33.
Several institutional investors have recently made changes to their positions in HRS. Commonwealth Bank of Australia grew its stake in shares of Harris by 704.5% during the second quarter. Commonwealth Bank of Australia now owns 8,656 shares of the communications equipment provider’s stock valued at $943,000 after acquiring an additional 7,580 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Harris by 102.4% during the second quarter. Franklin Resources Inc. now owns 145,364 shares of the communications equipment provider’s stock valued at $15,857,000 after acquiring an additional 73,530 shares in the last quarter. Aberdeen Asset Management PLC UK grew its stake in shares of Harris by 17.7% during the second quarter. Aberdeen Asset Management PLC UK now owns 35,559 shares of the communications equipment provider’s stock valued at $3,879,000 after acquiring an additional 5,343 shares in the last quarter. Martingale Asset Management L P grew its stake in shares of Harris by 11.6% during the second quarter. Martingale Asset Management L P now owns 27,862 shares of the communications equipment provider’s stock valued at $3,040,000 after acquiring an additional 2,902 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Harris by 110.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock valued at $131,000 after acquiring an additional 632 shares in the last quarter. Institutional investors own 84.29% of the company’s stock.
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