Harris Co. (HRS) Receives $174.56 Average Price Target from Analysts
Shares of Harris Co. (NYSE:HRS) have received an average rating of “Buy” from the eleven research firms that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $174.56.
A number of brokerages have recently weighed in on HRS. Credit Suisse Group upped their price target on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Seaport Global Securities reaffirmed a “buy” rating and issued a $185.00 price target on shares of Harris in a research note on Thursday, August 2nd. Argus upped their price target on shares of Harris to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. UBS Group began coverage on shares of Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price target for the company. Finally, Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd.
Shares of NYSE:HRS traded down $1.34 during trading on Friday, reaching $160.18. The company had a trading volume of 1,033,400 shares, compared to its average volume of 748,762. The firm has a market cap of $19.09 billion, a P/E ratio of 24.82, a P/E/G ratio of 3.48 and a beta of 1.21. Harris has a twelve month low of $121.38 and a twelve month high of $170.54. The company has a current ratio of 1.24, a quick ratio of 0.47 and a debt-to-equity ratio of 1.03.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be paid a dividend of $0.685 per share. The ex-dividend date is Thursday, September 6th. This is a positive change from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 annualized dividend and a yield of 1.71%. Harris’s dividend payout ratio is currently 35.08%.
In related news, VP Todd A. Taylor sold 18,698 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $161.79, for a total transaction of $3,025,149.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Sheldon J. Fox sold 45,800 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the sale, the senior vice president now directly owns 95,448 shares of the company’s stock, valued at $15,570,432.24. The disclosure for this sale can be found here. 1.91% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in HRS. Element Capital Management LLC purchased a new stake in shares of Harris in the 1st quarter valued at approximately $14,915,000. Sunbelt Securities Inc. lifted its position in shares of Harris by 25.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 2,763 shares of the communications equipment provider’s stock valued at $399,000 after acquiring an additional 568 shares in the last quarter. Polaris Greystone Financial Group LLC purchased a new stake in shares of Harris in the 2nd quarter valued at approximately $3,460,000. Knights of Columbus Asset Advisors LLC lifted its position in shares of Harris by 84.1% in the 1st quarter. Knights of Columbus Asset Advisors LLC now owns 16,200 shares of the communications equipment provider’s stock valued at $2,613,000 after acquiring an additional 7,400 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of Harris by 2.6% in the 2nd quarter. Swiss National Bank now owns 392,556 shares of the communications equipment provider’s stock valued at $56,740,000 after acquiring an additional 10,000 shares in the last quarter. 84.73% of the stock is owned by institutional investors and hedge funds.
Harris Company Profile
Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, 2-channel vehicular radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.
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