According to Zacks, “Harris Corporation has reported lower-than-expected revenues for four consecutive quarters. We expect the top-line to remain under pressure in the first quarter of fiscal 2017 as well. Additionally, the company's lower-than-expected earnings and revenue guidance for fiscal 2017 is disappointing. Foreign currency risks and economic slowdown in several major economies continue to affect its top line. Weak energy markets have hit the company's critical networks segment. However, considerable number of order wins and a strong tactical radio order pipeline are likely to act as tailwinds. Moreover, the company's decision to approve a dividend hike, earlier this year, is encouraging.”
HRS has been the subject of several other research reports. Citigroup Inc. assumed coverage on shares of Harris Corp. in a research report on Friday, June 10th. They set a buy rating and a $95.00 price objective for the company. Drexel Hamilton reiterated a buy rating on shares of Harris Corp. in a research report on Friday, June 17th. Jefferies Group reiterated a buy rating and set a $100.00 price objective (up previously from $95.00) on shares of Harris Corp. in a research report on Wednesday, August 3rd. Finally, JPMorgan Chase & Co. set a $93.00 price objective on shares of Harris Corp. and gave the company a buy rating in a research report on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. Harris Corp. presently has a consensus rating of Buy and an average target price of $98.29.
Harris Corp. (NYSE:HRS) traded up 0.21% during trading on Tuesday, hitting $91.45. 134,060 shares of the company’s stock were exchanged. The company has a market cap of $11.36 billion, a price-to-earnings ratio of 35.42 and a beta of 1.22. Harris Corp. has a 52-week low of $70.97 and a 52-week high of $94.09. The firm has a 50 day moving average price of $91.23 and a 200 day moving average price of $83.72.
Harris Corp. (NYSE:HRS) last issued its earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.01. Harris Corp. had a net margin of 4.34% and a return on equity of 21.77%. The firm earned $1.90 billion during the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the prior year, the business earned $1.32 earnings per share. Harris Corp.’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, equities research analysts predict that Harris Corp. will post $5.78 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th were paid a $0.53 dividend. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $2.12 annualized dividend and a dividend yield of 2.32%. This is an increase from Harris Corp.’s previous quarterly dividend of $0.50. Harris Corp.’s dividend payout ratio is currently 82.49%.
In related news, insider William H. Gattle sold 1,366 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $93.75, for a total value of $128,062.50. Following the transaction, the insider now owns 4,851 shares of the company’s stock, valued at approximately $454,781.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Scott T. Mikuen sold 9,400 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $88.00, for a total transaction of $827,200.00. Following the completion of the transaction, the senior vice president now directly owns 49,277 shares in the company, valued at approximately $4,336,376. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Chip Partners Inc. increased its position in Harris Corp. by 0.5% in the second quarter. Blue Chip Partners Inc. now owns 6,081 shares of the company’s stock valued at $507,000 after buying an additional 32 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in Harris Corp. by 0.6% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,357 shares of the company’s stock valued at $780,000 after buying an additional 54 shares in the last quarter. Moody Lynn & Lieberson LLC increased its position in Harris Corp. by 1.3% in the second quarter. Moody Lynn & Lieberson LLC now owns 5,538 shares of the company’s stock valued at $462,000 after buying an additional 71 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its position in Harris Corp. by 2.4% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 3,149 shares of the company’s stock valued at $237,000 after buying an additional 75 shares in the last quarter. Finally, Boston Private Wealth LLC increased its position in Harris Corp. by 0.3% in the second quarter. Boston Private Wealth LLC now owns 33,124 shares of the company’s stock valued at $2,764,000 after buying an additional 91 shares in the last quarter. 88.92% of the stock is currently owned by institutional investors.
Harris Corp. Company Profile
Harris Corporation (Harris) together with its subsidiaries is engaged in providing technology-based solutions to government and commercial customers. As of July 3, 2015, the Company operated through four business segments: RF Communications, Government Communications Systems, Integrated Network Solutions and Exelis.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Harris Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris Corp. and related companies with MarketBeat.com's FREE daily email newsletter.