Harris (HRS) Releases FY19 Earnings Guidance

Harris (NYSE:HRS) updated its FY19 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $7.80-7.90 for the period, compared to the Thomson Reuters consensus estimate of $7.84. The company issued revenue guidance of $6.53-6.65, compared to the consensus revenue estimate of $6.63 billion.

Several research analysts have weighed in on the stock. Argus lowered their target price on shares of Harris from $196.00 to $170.00 and set a buy rating on the stock in a research report on Thursday, July 5th. Credit Suisse Group upped their target price on shares of Harris from $175.00 to $190.00 and gave the stock an outperform rating in a research report on Wednesday, August 1st. Zacks Investment Research upgraded shares of Harris from a sell rating to a hold rating in a research report on Friday, August 3rd. Seaport Global Securities restated a buy rating and set a $185.00 target price on shares of Harris in a research report on Thursday, August 2nd. Finally, UBS Group assumed coverage on shares of Harris in a research report on Wednesday, August 15th. They set a neutral rating and a $175.00 target price on the stock. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Harris currently has a consensus rating of Buy and an average price target of $173.60.

Shares of NYSE HRS opened at $154.87 on Monday. Harris has a 12-month low of $133.66 and a 12-month high of $170.72. The stock has a market capitalization of $19.85 billion, a price-to-earnings ratio of 23.83, a price-to-earnings-growth ratio of 3.62 and a beta of 1.20. The company has a current ratio of 1.24, a quick ratio of 0.73 and a debt-to-equity ratio of 1.03.

Harris (NYSE:HRS) last announced its quarterly earnings results on Monday, October 15th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating the 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 for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm earned $1.38 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts predict that Harris will post 7.79 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 21st. Shareholders of record on Friday, September 7th were issued a $0.685 dividend. This represents a $2.74 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Thursday, September 6th. This is an increase from Harris’s previous quarterly dividend of $0.57. Harris’s dividend payout ratio is 42.15%.

In related news, SVP Scott T. Mikuen sold 3,903 shares of the company’s stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total transaction of $627,407.25. Following the transaction, the senior vice president now owns 47,243 shares of the company’s stock, valued at $7,594,312.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 1,286 shares in the company, valued at approximately $209,360.80. The disclosure for this sale can be found here. Insiders sold 94,712 shares of company stock worth $15,407,341 in the last ninety days. Insiders own 2.51% of the company’s stock.

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.

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Earnings History and Estimates for Harris (NYSE:HRS)

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