Harris Corp. (HRS) Shares Gap Up to $85.33
Harris Corp. (NYSE:HRS)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $85.14, but opened at $85.33. Harris Corp. shares last traded at $85.82, with a volume of 244,148 shares trading hands.
HRS has been the topic of several research reports. Zacks Investment Research downgraded shares of Harris Corp. from a “hold” rating to a “sell” rating in a report on Thursday, April 21st. Goldman Sachs Group Inc. upped their price objective on shares of Harris Corp. from $102.00 to $108.00 and gave the company a “buy” rating in a report on Tuesday, April 12th. Citigroup Inc. initiated coverage on shares of Harris Corp. in a report on Friday, June 10th. They issued a “buy” rating and a $95.00 price objective on the stock. Jefferies Group reiterated a “buy” rating on shares of Harris Corp. in a report on Friday, June 10th. Finally, Drexel Hamilton reiterated a “buy” rating on shares of Harris Corp. in a report on Friday, June 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. Harris Corp. currently has a consensus rating of “Buy” and a consensus target price of $97.43.
The stock has a market capitalization of $10.67 billion and a price-to-earnings ratio of 97.01. The firm has a 50 day moving average of $81.86 and a 200-day moving average of $80.00.
Harris Corp. (NYSE:HRS) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.06. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.92 billion. During the same quarter last year, the business posted $1.32 earnings per share. Harris Corp.’s revenue was up 60.8% on a year-over-year basis. Equities analysts expect that Harris Corp. will post $5.69 EPS for the current fiscal year.
In other Harris Corp. news, SVP Dana A. Mehnert sold 6,600 shares of the firm’s stock in a transaction on Wednesday, June 8th. The stock was sold at an average price of $82.03, for a total transaction of $541,398.00. Following the transaction, the senior vice president now directly owns 69,065 shares in the company, valued at approximately $5,665,401.95. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
A number of institutional investors recently modified their holdings of HRS. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its position in shares of Harris Corp. by 5.8% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 16,498 shares of the company’s stock valued at $1,434,000 after buying an additional 910 shares during the period. Deimos Asset Management LLC bought a new position in shares of Harris Corp. during the fourth quarter valued at $1,199,000. Wells Fargo & Company MN boosted its position in shares of Harris Corp. by 41.6% in the fourth quarter. Wells Fargo & Company MN now owns 6,078,112 shares of the company’s stock valued at $528,188,000 after buying an additional 1,784,309 shares during the period. Gamco Investors INC. ET AL boosted its position in shares of Harris Corp. by 12.4% in the fourth quarter. Gamco Investors INC. ET AL now owns 371,989 shares of the company’s stock valued at $32,326,000 after buying an additional 41,176 shares during the period. Finally, TD Asset Management Inc. boosted its position in shares of Harris Corp. by 0.7% in the fourth quarter. TD Asset Management Inc. now owns 58,775 shares of the company’s stock valued at $5,108,000 after buying an additional 400 shares during the period.
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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