Harris Co. (NYSE:HRS) declared a quarterly dividend on Friday, February 23rd, RTT News reports. Stockholders of record on Thursday, March 8th will be given a dividend of 0.57 per share by the communications equipment provider on Wednesday, March 21st. This represents a $2.28 annualized dividend and a dividend yield of 1.44%.
Harris has raised its dividend by an average of 7.3% per year over the last three years and has increased its dividend annually for the last 16 consecutive years. Harris has a dividend payout ratio of 38.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Harris to earn $7.70 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 29.6%.
Harris (HRS) traded up $0.81 during trading on Friday, hitting $158.80. 416,079 shares of the stock traded hands, compared to its average volume of 803,954. The company has a quick ratio of 0.68, a current ratio of 1.22 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $18,930.00, a PE ratio of 29.41, a PEG ratio of 4.07 and a beta of 1.29. Harris has a twelve month low of $106.18 and a twelve month high of $161.04.
Harris (NYSE:HRS) last posted its quarterly earnings data on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.28. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations 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 firm posted $1.38 earnings per share. equities research analysts forecast that Harris will post 6.48 earnings per share for the current year.
Several research firms have recently issued reports on HRS. Credit Suisse Group increased their price objective on shares of Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded shares of Harris from a “hold” rating to a “buy” rating and set a $165.00 price objective for the company in a report on Thursday, January 18th. Cowen restated a “buy” rating and set a $170.00 target price on shares of Harris in a report on Tuesday, January 30th. Finally, JPMorgan Chase & Co. raised their target price on shares of Harris from $138.00 to $148.00 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $154.57.
In related news, SVP Sheldon J. Fox sold 8,682 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $156.00, for a total transaction of $1,354,392.00. Following the completion of the sale, the senior vice president now directly owns 53,724 shares in the company, valued at $8,380,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.91% of the company’s stock.
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Harris Company Profile
Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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