Harris Co. (HRS) to Issue Quarterly Dividend of $0.69 on December 7th
Harris Co. (NYSE:HRS) announced a quarterly dividend on Friday, October 26th, RTT News reports. Shareholders of record on Friday, November 23rd will be paid a dividend of 0.685 per share by the communications equipment provider on Friday, December 7th. This represents a $2.74 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Wednesday, November 21st.
Harris has increased its dividend by an average of 7.3% annually over the last three years and has raised its dividend every year for the last 16 years. Harris has a payout ratio of 35.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Harris to earn $8.76 per share next year, which means the company should continue to be able to cover its $2.74 annual dividend with an expected future payout ratio of 31.3%.
Shares of HRS stock opened at $148.10 on Tuesday. Harris has a twelve month low of $138.08 and a twelve month high of $175.50. The firm has a market capitalization of $17.76 billion, a price-to-earnings ratio of 22.78 and a beta of 1.29. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.17 and a quick ratio of 0.96.
A number of equities research analysts recently weighed in on the company. UBS Group assumed coverage on Harris in a research note on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price objective for the company. Credit Suisse Group upped their price objective on 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 restated a “buy” rating and set a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. Raymond James upped their price objective on Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 16th. Finally, Barclays upgraded Harris from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $189.00 to $181.00 in a research note on Tuesday, November 13th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $183.11.
In related news, SVP Scott T. Mikuen sold 3,903 shares of the company’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total transaction of $627,407.25. Following the completion of the sale, the senior vice president now directly owns 47,243 shares in the company, valued at approximately $7,594,312.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $162.80, for a total value of $4,283,430.80. Following the transaction, the insider now directly owns 1,286 shares in the company, valued at $209,360.80. The disclosure for this sale can be found here. Insiders have sold a total of 48,912 shares of company stock valued at $7,935,987 over the last 90 days. 2.51% of the stock is currently owned by company insiders.
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, 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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