Harris (NYSE:HRS) released its quarterly earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.91 by $0.05, MarketWatch Earnings reports. Harris had a net margin of 13.29% and a return on equity of 26.55%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $1.67 earnings per share. The firm’s revenue was up 8.5% compared to the same quarter last year. Harris updated its FY 2019 guidance to $7.90-8.00 EPS and its FY19 guidance to $7.90-8.00 EPS.
HRS stock opened at $165.20 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.27 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $19.33 billion, a price-to-earnings ratio of 25.42, a price-to-earnings-growth ratio of 2.57 and a beta of 1.23. Harris has a 12 month low of $123.24 and a 12 month high of $175.50.
A number of research analysts recently commented on HRS shares. Barclays raised shares of Harris from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $189.00 to $181.00 in a research report on Tuesday, November 13th. Cowen reaffirmed a “buy” rating and set a $194.00 price objective on shares of Harris in a research report on Tuesday, January 29th. Zacks Investment Research downgraded shares of Harris from a “buy” rating to a “hold” rating in a research report on Thursday, January 3rd. Argus boosted their price objective on shares of Harris from $170.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 30th. Finally, ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research report on Tuesday, January 29th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $182.33.
In other Harris news, SVP Robert L. Duffy sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, February 8th. The shares were sold at an average price of $158.66, for a total value of $6,346,400.00. Following the completion of the sale, the senior vice president now directly owns 63,918 shares of the company’s stock, valued at $10,141,229.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.51% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. GAM Holding AG boosted its holdings in shares of Harris by 0.6% during the 4th quarter. GAM Holding AG now owns 10,844 shares of the communications equipment provider’s stock worth $1,460,000 after buying an additional 66 shares during the period. Sabal Trust CO raised its stake in Harris by 5.2% during the 4th quarter. Sabal Trust CO now owns 1,621 shares of the communications equipment provider’s stock valued at $218,000 after purchasing an additional 80 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Harris by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 5,188 shares of the communications equipment provider’s stock valued at $699,000 after purchasing an additional 91 shares during the last quarter. Daiwa SB Investments Ltd. raised its stake in Harris by 12.0% during the 4th quarter. Daiwa SB Investments Ltd. now owns 930 shares of the communications equipment provider’s stock valued at $125,000 after purchasing an additional 100 shares during the last quarter. Finally, Utah Retirement Systems raised its stake in Harris by 0.5% during the 4th quarter. Utah Retirement Systems now owns 22,116 shares of the communications equipment provider’s stock valued at $2,978,000 after purchasing an additional 100 shares during the last quarter. 86.96% of the stock is owned by institutional investors.
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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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