Harris Corp. (HRS) Hits New 52-Week High at $91.52
Harris Corp. (NYSE:HRS) shares hit a new 52-week high on Monday . The stock traded as high as $91.52 and last traded at $91.38, with a volume of 343,395 shares traded. The stock had previously closed at $90.94.
Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. set a $93.00 target price on Harris Corp. and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Jefferies Group reissued a “buy” rating on shares of Harris Corp. in a research note on Friday, June 10th. Sterne Agee CRT reissued a “buy” rating on shares of Harris Corp. in a research note on Monday, May 16th. Zacks Investment Research downgraded Harris Corp. from a “hold” rating to a “sell” rating in a research note on Monday, July 18th. Finally, Drexel Hamilton reissued a “buy” rating on shares of Harris Corp. in a research note on Friday, June 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $98.29.
The company has a market capitalization of $11.34 billion and a P/E ratio of 35.38. The stock’s 50 day moving average is $87.16 and its 200 day moving average is $80.68.
Harris Corp. (NYSE:HRS) last announced its earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.01. During the same quarter last year, the business posted $1.32 earnings per share. The company earned $1.90 billion during the quarter, compared to analysts’ expectations of $1.94 billion. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. On average, equities analysts anticipate that Harris Corp. will post $5.76 earnings per share for the current year.
In related news, SVP Sheldon J. Fox sold 17,700 shares of Harris Corp. stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $88.02, for a total value of $1,557,954.00. Following the sale, the senior vice president now directly owns 62,060 shares in the company, valued at $5,462,521.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Dana A. Mehnert sold 27,000 shares of Harris Corp. stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $88.02, for a total value of $2,376,540.00. Following the completion of the sale, the senior vice president now owns 89,492 shares in the company, valued at $7,877,085.84. The disclosure for this sale can be found here.
Several hedge funds have bought and sold shares of HRS. State of Tennessee Treasury Department increased its stake in Harris Corp. by 242.3% in the fourth quarter. State of Tennessee Treasury Department now owns 64,013 shares of the company’s stock worth $5,563,000 after buying an additional 45,313 shares during the period. Eaton Vance Management increased its stake in Harris Corp. by 3.2% in the fourth quarter. Eaton Vance Management now owns 19,377 shares of the company’s stock worth $1,684,000 after buying an additional 597 shares during the period. Finally, I.G. Investment Management LTD. increased its stake in Harris Corp. by 17.2% in the fourth quarter. I.G. Investment Management LTD. now owns 111,736 shares of the company’s stock worth $9,710,000 after buying an additional 16,400 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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