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Harris Corp (HRS) Announces 6% Rise in Quarterly Dividends
Harris Corporation announced that the company’s Board of Directors has approved an increase in the company’s quarterly dividends to 53 cents per share. The new dividend marks a hike of 6% from 50 cents paid earlier. The hiked dividend will be paid on Sep 21, 2016 to shareholders of record as of Sep 9, 2016.
The company’s annual cash dividend, post hike, stands at $2.12 per share. Harris has an impressive dividend payment record with this being the 15th consecutive annual dividend hike by the company. Harris had last increased quarterly dividends in Aug 2015 from 47 cents to 50 cents per share, representing a hike of 6.4%. The last dividend payment by the company was on Jun 13 this year. The company has attributed its ability to generate a strong free cash flow and focus on shareholder returns as the reason behind the hike.
At the end of fiscal 2016 Harris had cash and cash equivalents of $487 million compared with $481 million at the end of the final quarter of fiscal 2015. Total long-term debt at the end of fiscal 2016 was $4,120 million, compared with $5,053 million at the end of fiscal 2015.
2017 Guidance
Harris issued a performance guidance for fiscal 2017 per which earnings per share (on an adjusted basis) is expected in the band of $5.70 to $5.90. The Zacks Consensus Estimate of $5.74 falls within this range. The company projects revenues to be in the range of $7.11 billion to $7.33 billion for the same period. The Zacks Consensus Estimate for revenues stands at $7.26 billion, within the projected range.
HARRIS CORP Price
HARRIS CORP Price | HARRIS CORP Quote
Zacks Rank and Stocks to Consider
Harris Corp. currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks within the wireless equipments industry include InterDigital Inc. (IDCC - Free Report) sporting a Zacks Rank #1 (Strong Buy) and Clearfield Inc (CLFD - Free Report) and Motorola Solutions Inc. (MSI - Free Report) , both holding a Zacks Ranks #2 (Buy).
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