Harris Corporation (HRS) Rating Increased to Buy at Zacks Investment Research
Harris Corporation (NYSE:HRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage presently has a $153.00 price target on the communications equipment provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.43% from the company’s current price.
According to Zacks, “Shares of Harris Corporation have outperformed its industry over the last month. Stocks like Harris have been buoyed by the possibility of greater militarry spending by the United States, owing to tensions with North Korea.The company's efforts to reward shareholders through dividends and buybacks are impressive. In August 2017, the company raised its quarterly dividend by 8%. This marked the 16th such annual dividend increase by the company. Impressive sales of tactical radio products and multiple multiple contract wins also bode well for the company. However, high costs are limiting bottom-line growth. Moreover, Harris Corporation is a highly leveraged company.”
Several other analysts have also recently issued reports on HRS. BidaskClub raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Seaport Global Securities reiterated a “buy” rating and issued a $145.00 target price (up from $135.00) on shares of Harris Corporation in a report on Monday, October 9th. ValuEngine lowered shares of Harris Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Cowen and Company reiterated a “buy” rating and issued a $134.00 target price on shares of Harris Corporation in a report on Monday, October 2nd. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $135.00 target price on shares of Harris Corporation in a report on Thursday, September 21st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Harris Corporation currently has an average rating of “Buy” and an average price target of $131.57.
Harris Corporation (NYSE HRS) opened at 136.09 on Monday. The company has a market cap of $16.30 billion, a P/E ratio of 30.68 and a beta of 1.18. The company has a 50 day moving average of $128.98 and a 200-day moving average of $116.44. Harris Corporation has a one year low of $88.89 and a one year high of $137.16.
Harris Corporation (NYSE:HRS) last announced its quarterly earnings data on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.49. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the prior year, the company earned $1.45 EPS. Harris Corporation’s revenue was up .6% compared to the same quarter last year. On average, equities analysts expect that Harris Corporation will post $6.01 earnings per share for the current fiscal year.
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In other news, insider Christopher D. Young sold 4,070 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $118.93, for a total value of $484,045.10. Following the transaction, the insider now directly owns 46,131 shares in the company, valued at approximately $5,486,359.83. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Sheldon J. Fox sold 50,300 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the completion of the transaction, the senior vice president now owns 73,092 shares in the company, valued at $8,642,398.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,357 shares of company stock worth $8,643,111. Company insiders own 1.91% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Engineers Gate Manager LP acquired a new position in shares of Harris Corporation in the 2nd quarter worth approximately $2,342,000. Dimensional Fund Advisors LP lifted its holdings in Harris Corporation by 11.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock worth $65,744,000 after buying an additional 59,933 shares in the last quarter. Bank of Montreal Can lifted its holdings in Harris Corporation by 39.2% during the 2nd quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock worth $13,403,000 after buying an additional 34,614 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in Harris Corporation during the 2nd quarter worth approximately $2,368,000. Finally, Prudential PLC lifted its holdings in Harris Corporation by 25.5% during the 2nd quarter. Prudential PLC now owns 81,028 shares of the communications equipment provider’s stock worth $8,839,000 after buying an additional 16,476 shares in the last quarter. Hedge funds and other institutional investors own 84.98% of the company’s stock.
Harris Corporation Company Profile
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