Harris Corporation (NYSE:HRS) Updates FY18 Earnings Guidance

Harris Corporation (NYSE:HRS) issued an update on its FY18 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $5.85-6.05 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.08. The company issued revenue guidance of $6.02-6.14 billion, compared to the consensus revenue estimate of $6.07 billion.

Shares of Harris Corporation (NYSE:HRS) traded down 0.34% during mid-day trading on Friday, reaching $118.71. The company’s stock had a trading volume of 527,896 shares. The company has a 50-day moving average of $115.34 and a 200-day moving average of $111.14. The firm has a market cap of $14.28 billion, a PE ratio of 26.76 and a beta of 1.22. Harris Corporation has a 12 month low of $88.89 and a 12 month high of $121.27.

Harris Corporation (NYSE:HRS) last posted its quarterly earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.49. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the firm earned $1.45 earnings per share. On average, analysts predict that Harris Corporation will post $6.00 earnings per share for the current year.

Several equities research analysts have recently issued reports on HRS shares. BidaskClub cut Harris Corporation from a buy rating to a hold rating in a report on Monday, July 24th. Jefferies Group LLC lifted their target price on Harris Corporation from $120.00 to $125.00 and gave the stock a buy rating in a report on Thursday, May 4th. Cowen and Company reaffirmed a buy rating and issued a $125.00 target price on shares of Harris Corporation in a report on Tuesday, August 1st. ValuEngine raised Harris Corporation from a hold rating to a buy rating in a report on Friday, June 2nd. Finally, Barclays PLC cut Harris Corporation from an overweight rating to an equal weight rating and set a $110.00 target price on the stock. in a report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Harris Corporation has an average rating of Buy and a consensus price target of $113.29.

In other Harris Corporation news, SVP Robert L. Duffy sold 33,600 shares of the business’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total transaction of $3,763,536.00. Following the sale, the senior vice president now directly owns 50,311 shares of the company’s stock, valued at $5,635,335.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the sale, the insider now directly owns 46,131 shares in the company, valued at $5,486,359.83. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.

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Harris Corporation Company Profile

Earnings History and Estimates for Harris Corporation (NYSE:HRS)

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