Harris Corp. (HRS) Hits New 52-Week High at $93.72
Harris Corp. (NYSE:HRS) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $93.72 and last traded at $93.69, with a volume of 426,300 shares changing hands. The stock had previously closed at $92.85.
Several equities research analysts recently issued reports on the stock. Drexel Hamilton reiterated a “buy” rating on shares of Harris Corp. in a research note on Friday, June 17th. Jefferies Group reiterated a “buy” rating and issued a $100.00 target price (up from $95.00) on shares of Harris Corp. in a research note on Wednesday, August 3rd. Citigroup Inc. began 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. Sterne Agee CRT restated a “buy” rating on shares of Harris Corp. in a research report on Monday, May 16th. Finally, JPMorgan Chase & Co. set a $93.00 price objective on shares of Harris Corp. and gave the stock 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 issued a hold rating and eight have issued a buy rating to the company. Harris Corp. presently has an average rating of “Buy” and an average target price of $98.29.
The company has a 50-day moving average of $89.03 and a 200 day moving average of $81.63. The firm has a market cap of $11.64 billion and a P/E ratio of 36.29.
Harris Corp. (NYSE:HRS) last posted its earnings results on Tuesday, August 2nd. The company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.44 by $0.01. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.94 billion. The company’s revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.32 earnings per share. Equities analysts predict that Harris Corp. will post $5.78 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th will be given a dividend of $0.53 per share. This is a boost from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Wednesday, September 7th.
In other news, SVP Sheldon J. Fox sold 17,700 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $88.02, for a total transaction of $1,557,954.00. Following the completion of the sale, the senior vice president now directly owns 62,060 shares of the company’s stock, valued at $5,462,521.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Dana A. Mehnert sold 6,600 shares of the company’s stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $82.03, for a total transaction of $541,398.00. Following the completion of the sale, the senior vice president now directly owns 69,065 shares of the company’s stock, valued at $5,665,401.95. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Harris Corp. stock. State of Tennessee Treasury Department boosted its position in Harris Corp. (NYSE:HRS) by 242.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,013 shares of the company’s stock after buying an additional 45,313 shares during the period. State of Tennessee Treasury Department owned approximately 0.05% of Harris Corp. worth $5,563,000 at the end of the most recent quarter.
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.
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