Harris Corp. (NYSE:HRS) Given Consensus Rating of “Buy” by Analysts
Shares of Harris Corp. (NYSE:HRS) have received a consensus rating of “Buy” from the ten ratings firms that are covering the stock. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $98.29.
Several equities analysts recently commented on the company. Zacks Investment Research upgraded Harris Corp. from a “sell” rating to a “hold” rating in a research note on Monday, September 19th. JPMorgan Chase & Co. set a $93.00 price objective on Harris Corp. and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Jefferies Group reiterated a “buy” rating on shares of Harris Corp. in a research note on Friday, June 10th. Citigroup Inc. dropped their price objective on Harris Corp. from $112.00 to $95.00 and set a “buy” rating on the stock in a research note on Tuesday, September 6th. Finally, Drexel Hamilton reiterated a “buy” rating on shares of Harris Corp. in a research note on Friday, June 17th.
In related news, insider William H. Gattle sold 1,366 shares of the firm’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $93.75, for a total transaction of $128,062.50. Following the sale, the insider now owns 4,851 shares in the company, valued at $454,781.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Scott T. Mikuen sold 9,400 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $88.00, for a total transaction of $827,200.00. Following the sale, the senior vice president now owns 49,277 shares in the company, valued at approximately $4,336,376. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Global X Management Co. LLC raised its stake in Harris Corp. by 81.0% in the second quarter. Global X Management Co. LLC now owns 1,419 shares of the company’s stock valued at $118,000 after buying an additional 635 shares in the last quarter. Mizuho Asset Management Co. Ltd. raised its stake in shares of Harris Corp. by 178.2% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,661 shares of the company’s stock valued at $139,000 after buying an additional 1,064 shares during the period. Huntington National Bank raised its stake in shares of Harris Corp. by 24.1% in the second quarter. Huntington National Bank now owns 1,702 shares of the company’s stock valued at $142,000 after buying an additional 330 shares during the period. Seven Eight Capital LLC bought a new stake in shares of Harris Corp. during the first quarter valued at about $160,000. Finally, SevenBridge Financial Group LLC bought a new stake in shares of Harris Corp. during the second quarter valued at about $200,000. Institutional investors own 88.92% of the company’s stock.
Harris Corp. (NYSE:HRS) traded down 0.07% during trading on Friday, reaching $92.22. The company’s stock had a trading volume of 179,174 shares. The stock’s 50 day moving average is $91.34 and its 200 day moving average is $83.84. Harris Corp. has a 12 month low of $70.97 and a 12 month high of $94.09. The company has a market cap of $11.46 billion, a price-to-earnings ratio of 35.72 and a beta of 1.22.
Harris Corp. (NYSE:HRS) last released its earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.01. The company earned $1.90 billion during the quarter, compared to analyst estimates of $1.94 billion. Harris Corp. had a return on equity of 21.77% and a net margin of 4.34%. Harris Corp.’s quarterly revenue was up 24.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.32 earnings per share. On average, equities analysts expect that Harris Corp. will post $5.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Friday, September 9th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.30%. The ex-dividend date was Wednesday, September 7th. This is a positive change from Harris Corp.’s previous quarterly dividend of $0.50. Harris Corp.’s dividend payout ratio (DPR) is currently 82.49%.
About Harris Corp.
Harris Corporation (Harris) together with its subsidiaries is engaged in providing technology-based solutions to government and commercial customers. As of July 3, 2015, the Company operated through four business segments: RF Communications, Government Communications Systems, Integrated Network Solutions and Exelis.
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