Harris Corporation (HRS) Reaches New 52-Week High at $117.79
Shares of Harris Corporation (NYSE:HRS) hit a new 52-week high during trading on Tuesday . The company traded as high as $117.79 and last traded at $117.71, with a volume of 185,317 shares. The stock had previously closed at $117.38.
A number of analysts recently commented on HRS shares. Zacks Investment Research raised Harris Corporation from a “hold” rating to a “buy” rating and set a $123.00 price target for the company in a research note on Monday, April 10th. Cowen and Company reiterated a “buy” rating and issued a $125.00 price objective on shares of Harris Corporation in a report on Tuesday, August 1st. Jefferies Group LLC reiterated a “buy” rating and issued a $135.00 price objective (up previously from $125.00) on shares of Harris Corporation in a report on Friday, July 14th. BidaskClub upgraded Harris Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, ValuEngine upgraded Harris Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. Harris Corporation presently has a consensus rating of “Buy” and a consensus target price of $113.29.
The stock has a market capitalization of $14.13 billion, a price-to-earnings ratio of 26.48 and a beta of 1.22. The stock has a 50-day moving average price of $112.47 and a 200-day moving average price of $109.74.
Harris Corporation (NYSE:HRS) last issued its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.49. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the prior year, the business earned $1.45 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts forecast that Harris Corporation will post $6.00 EPS for the current year.
In other Harris Corporation news, SVP Robert L. Duffy sold 33,600 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total value of $3,763,536.00. Following the completion of the sale, the senior vice president now directly owns 50,311 shares in the company, valued at approximately $5,635,335.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.71% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of HRS. Teachers Advisors LLC boosted its stake in shares of Harris Corporation by 14.3% in the fourth quarter. Teachers Advisors LLC now owns 178,509 shares of the communications equipment provider’s stock valued at $18,292,000 after buying an additional 22,321 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in shares of Harris Corporation during the fourth quarter valued at $392,000. Chevy Chase Trust Holdings Inc. boosted its stake in shares of Harris Corporation by 3.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 107,593 shares of the communications equipment provider’s stock valued at $11,972,000 after buying an additional 3,746 shares in the last quarter. Fulton Bank N.A. purchased a new stake in shares of Harris Corporation during the first quarter valued at $202,000. Finally, Contravisory Investment Management Inc. boosted its stake in shares of Harris Corporation by 303.3% in the first quarter. Contravisory Investment Management Inc. now owns 1,222 shares of the communications equipment provider’s stock valued at $136,000 after buying an additional 919 shares in the last quarter. Institutional investors and hedge funds own 85.13% of the company’s stock.
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