Insider Selling: Harris Co. (HRS) Insider Sells 26,311 Shares of Stock
Harris Co. (NYSE:HRS) insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the sale, the insider now directly owns 1,286 shares in the company, valued at $209,360.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Shares of NYSE HRS opened at $164.72 on Monday. Harris Co. has a fifty-two week low of $124.75 and a fifty-two week high of $170.54. The company has a market capitalization of $18.97 billion, a P/E ratio of 25.34, a price-to-earnings-growth ratio of 3.46 and a beta of 1.21. The company has a current ratio of 1.24, a quick ratio of 0.73 and a debt-to-equity ratio of 1.03.
Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.76 by $0.02. Harris had a net margin of 11.61% and a return on equity of 25.36%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period in the prior year, the business posted $1.49 earnings per share. Harris’s revenue was up 8.0% compared to the same quarter last year. research analysts predict that Harris Co. will post 7.79 EPS for the current fiscal year.
A number of large investors have recently modified their holdings of the business. BlackRock Inc. increased its stake in Harris by 0.6% in the second quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock valued at $1,428,028,000 after purchasing an additional 57,038 shares in the last quarter. Janus Henderson Group PLC increased its stake in Harris by 14.1% in the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock valued at $440,918,000 after purchasing an additional 377,269 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Harris by 28.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock valued at $168,521,000 after purchasing an additional 256,780 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Harris by 86.0% in the first quarter. JPMorgan Chase & Co. now owns 852,437 shares of the communications equipment provider’s stock valued at $137,480,000 after purchasing an additional 394,079 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Harris by 1.5% in the second quarter. Bessemer Group Inc. now owns 745,082 shares of the communications equipment provider’s stock valued at $107,695,000 after purchasing an additional 11,026 shares in the last quarter. 85.73% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on HRS. Argus upped their target price on shares of Harris to $190.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. UBS Group began coverage on shares of Harris in a research report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 target price on the stock. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. Seaport Global Securities reiterated a “buy” rating and set a $185.00 target price on shares of Harris in a research report on Thursday, August 2nd. Finally, Credit Suisse Group upped their target price on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 1st. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $173.60.
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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