Harris Corporation (HRS) Receives Average Recommendation of “Buy” from Brokerages
Shares of Harris Corporation (NYSE:HRS) have received an average recommendation of “Buy” from the nine brokerages that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $145.43.
HRS has been the subject of several recent analyst reports. ValuEngine raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Zacks Investment Research raised shares of Harris Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Credit Suisse Group initiated coverage on shares of Harris Corporation in a report on Monday, August 28th. They set an “outperform” rating and a $144.00 price objective for the company. Jefferies Group LLC reissued a “buy” rating and set a $135.00 price objective (up from $125.00) on shares of Harris Corporation in a report on Friday, July 14th. Finally, BidaskClub raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 5th.
Harris Corporation (HRS) traded up $1.20 during trading on Friday, reaching $138.76. 591,805 shares of the company traded hands, compared to its average volume of 753,265. Harris Corporation has a 12-month low of $99.13 and a 12-month high of $141.97. The stock has a market cap of $16,390.00, a P/E ratio of 24.92, a price-to-earnings-growth ratio of 3.37 and a beta of 1.12. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.64.
Harris Corporation (NYSE:HRS) last released its quarterly earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.03. Harris Corporation had a net margin of 9.02% and a return on equity of 23.36%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the previous year, the firm posted $1.28 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. sell-side analysts predict that Harris Corporation will post 5.99 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Thursday, November 16th. Harris Corporation’s dividend payout ratio (DPR) is presently 42.62%.
In other Harris Corporation news, SVP Sheldon J. Fox sold 50,300 shares of the business’s stock in a transaction dated Monday, August 21st. The shares were 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 directly owns 73,092 shares of the company’s stock, valued at approximately $8,642,398.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Scott T. Mikuen sold 13,600 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total transaction of $1,677,696.00. Following the transaction, the senior vice president now directly owns 61,349 shares of the company’s stock, valued at $7,568,012.64. The disclosure for this sale can be found here. Insiders have sold a total of 68,287 shares of company stock valued at $8,159,066 over the last three months. 1.91% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of the business. Zeke Capital Advisors LLC acquired a new position in Harris Corporation during the 3rd quarter valued at about $255,000. Twin Capital Management Inc. acquired a new position in Harris Corporation during the 3rd quarter valued at about $1,070,000. Johnson Financial Group Inc. boosted its stake in Harris Corporation by 17.4% during the 3rd quarter. Johnson Financial Group Inc. now owns 3,076 shares of the communications equipment provider’s stock valued at $405,000 after purchasing an additional 455 shares during the period. Richard C. Young & CO. LTD. boosted its stake in Harris Corporation by 0.9% during the 3rd quarter. Richard C. Young & CO. LTD. now owns 125,323 shares of the communications equipment provider’s stock valued at $16,503,000 after purchasing an additional 1,059 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Harris Corporation by 7.5% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,740 shares of the communications equipment provider’s stock worth $1,283,000 after buying an additional 683 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.
Harris Corporation Company Profile
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