Harris Corp. (HRS) Upgraded to “Hold” at Zacks Investment Research
Harris Corp. (NYSE:HRS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Harris Corporation has reported lower-than-expected revenues for four consecutive quarters. We expect the top-line to remain under pressure in the first quarter of fiscal 2017 as well. Additionally, the company's lower-than-expected earnings and revenue guidance for fiscal 2017 is a concern. However, we remain positive on the company's efforts to be a leading player in the industry with rapid innovation and new products. We are also optimistic on the company's collaborations and credible customer list. The company is expected to release third quarter results on Nov 1.”
Several other equities analysts also recently commented on HRS. Jefferies Group reaffirmed a “buy” rating and issued a $100.00 price objective (up previously from $95.00) on shares of Harris Corp. in a research report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $93.00 price target on Harris Corp. and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, Citigroup Inc. dropped their price target on Harris Corp. from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, September 6th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $98.29.
Harris Corp. (NYSE:HRS) traded up 1.25% during midday trading on Wednesday, reaching $91.52. The company had a trading volume of 185,374 shares. The company has a market capitalization of $11.37 billion, a P/E ratio of 35.45 and a beta of 1.22. Harris Corp. has a 1-year low of $70.97 and a 1-year high of $94.09. The firm has a 50-day moving average of $91.25 and a 200 day moving average of $84.59.
Harris Corp. (NYSE:HRS) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $1.32 EPS. On average, equities research analysts forecast that Harris Corp. will post $5.78 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Friday, September 9th were paid a dividend of $0.53 per share. This is a boost from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date was Wednesday, September 7th. Harris Corp.’s dividend payout ratio is 82.49%.
In related news, insider William H. Gattle sold 1,366 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $93.75, for a total transaction of $128,062.50. Following the completion of the sale, the insider now directly owns 4,851 shares in the company, valued at approximately $454,781.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Dana A. Mehnert sold 27,000 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $88.02, for a total value of $2,376,540.00. Following the sale, the senior vice president now owns 89,492 shares of the company’s stock, valued at $7,877,085.84. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company’s stock.
Several large investors have recently modified their holdings of the company. ING Groep NV boosted its stake in Harris Corp. by 5.3% in the first quarter. ING Groep NV now owns 9,392 shares of the company’s stock worth $731,000 after buying an additional 473 shares during the period. Aviva PLC boosted its stake in Harris Corp. by 0.4% in the first quarter. Aviva PLC now owns 130,467 shares of the company’s stock worth $10,158,000 after buying an additional 472 shares during the period. BB&T Securities LLC boosted its stake in Harris Corp. by 709.8% in the first quarter. BB&T Securities LLC now owns 42,959 shares of the company’s stock worth $3,344,000 after buying an additional 37,654 shares during the period. State Street Corp boosted its stake in Harris Corp. by 1.4% in the first quarter. State Street Corp now owns 4,919,939 shares of the company’s stock worth $383,072,000 after buying an additional 70,281 shares during the period. Finally, Riverhead Capital Management LLC boosted its stake in Harris Corp. by 99.5% in the first quarter. Riverhead Capital Management LLC now owns 130,186 shares of the company’s stock worth $10,138,000 after buying an additional 64,933 shares during the period. Hedge funds and other institutional investors own 88.84% of the company’s stock.
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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