Harris Co. (NYSE:HRS) – Equities research analysts at Jefferies Financial Group raised their FY2019 earnings per share (EPS) estimates for shares of Harris in a research note issued on Sunday, October 14th. Jefferies Financial Group analyst S. Kahyaoglu now expects that the communications equipment provider will post earnings of $7.85 per share for the year, up from their prior estimate of $7.80.
A number of other equities research analysts have also weighed in on the stock. Raymond James raised their price objective on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Tuesday. Credit Suisse Group raised their price objective on shares of Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a report on Monday. Argus raised their price objective on shares of Harris to $190.00 and gave the company a “buy” rating in a report on Thursday, August 16th. UBS Group began coverage on shares of Harris in a report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $176.82.
Harris (NYSE:HRS) last issued its quarterly earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.72 by $0.06. Harris had a net margin of 11.61% and a return on equity of 25.36%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter last year, the company posted $1.38 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year.
A number of large investors have recently made changes to their positions in the stock. Ostrum Asset Management acquired a new position in Harris in the first quarter valued at $112,000. Fort L.P. acquired a new position in Harris in the second quarter valued at $118,000. Accurate Investment Solutions Inc. acquired a new position in Harris in the second quarter valued at $123,000. Daiwa SB Investments Ltd. acquired a new position in Harris in the second quarter valued at $136,000. Finally, Winthrop Partners WNY LLC acquired a new position in Harris in the first quarter valued at $137,000. Hedge funds and other institutional investors own 85.74% of the company’s stock.
In related news, insider Edward J. Zoiss sold 26,311 shares of Harris stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the sale, the insider now directly owns 1,286 shares in the company, valued at approximately $209,360.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Scott T. Mikuen sold 3,903 shares of Harris stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total transaction of $627,407.25. Following the sale, the senior vice president now owns 47,243 shares in the company, valued at $7,594,312.25. The disclosure for this sale can be found here. Insiders have sold a total of 94,712 shares of company stock worth $15,407,341 over the last quarter. 2.51% of the stock is owned by company insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, September 7th were paid a dividend of $0.685 per share. This is a positive change from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 annualized dividend and a yield of 1.60%. The ex-dividend date was Thursday, September 6th. Harris’s dividend payout ratio (DPR) is currently 42.15%.
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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