Analysts Set Harris Corp. (HRS) PT at $101.89
Shares of Harris Corp. (NYSE:HRS) have received an average recommendation of “Buy” from the eleven research firms that are covering the stock. Eleven equities research analysts have rated the stock with a buy rating. The average 12 month target price among analysts that have covered the stock in the last year is $101.89.
HRS has been the subject of a number of research analyst reports. Zacks Investment Research cut Harris Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Cowen and Company upgraded Harris Corp. from a “market perform” rating to an “outperform” rating and set a $107.00 price target for the company in a research report on Monday, November 7th. Vertical Research initiated coverage on Harris Corp. in a research report on Friday, October 28th. They set a “buy” rating and a $100.00 price objective for the company. JPMorgan Chase & Co. set a $93.00 price objective on Harris Corp. and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Finally, Seaport Global Securities initiated coverage on Harris Corp. in a research report on Monday, November 7th. They set a “buy” rating and a $105.00 price objective for the company.
Harris Corp. (NYSE:HRS) opened at 103.42 on Friday. The firm has a 50-day moving average of $92.48 and a 200-day moving average of $86.56. Harris Corp. has a 52-week low of $70.97 and a 52-week high of $103.99. The firm has a market cap of $12.85 billion, a PE ratio of 38.65 and a beta of 1.29.
Harris Corp. (NYSE:HRS) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.05. Harris Corp. had a return on equity of 22.84% and a net margin of 4.53%. The business earned $1.75 billion during the quarter, compared to analysts’ expectations of $1.74 billion. During the same quarter last year, the business posted $1.31 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts anticipate that Harris Corp. will post $5.80 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 6th. Shareholders of record on Friday, November 18th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Wednesday, November 16th. Harris Corp.’s payout ratio is 79.70%.
In other news, insider Edward J. Zoiss sold 1,884 shares of Harris Corp. stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $92.99, for a total value of $175,193.16. Following the transaction, the insider now directly owns 1,702 shares of the company’s stock, valued at approximately $158,268.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William H. Gattle sold 1,366 shares of Harris Corp. stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $93.75, for a total value of $128,062.50. Following the completion of the transaction, the insider now directly owns 4,851 shares in the company, valued at $454,781.25. The disclosure for this sale can be found here. 1.71% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in Harris Corp. by 220.2% in the first quarter. Wellington Management Group LLP now owns 2,107,804 shares of the company’s stock valued at $164,114,000 after buying an additional 1,449,604 shares in the last quarter. Third Point LLC purchased a new position in Harris Corp. during the second quarter valued at $83,440,000. Strs Ohio raised its position in Harris Corp. by 3,941.8% in the second quarter. Strs Ohio now owns 640,783 shares of the company’s stock valued at $53,466,000 after buying an additional 624,929 shares in the last quarter. Burgundy Asset Management Ltd. raised its position in Harris Corp. by 20.7% in the second quarter. Burgundy Asset Management Ltd. now owns 2,183,728 shares of the company’s stock valued at $182,210,000 after buying an additional 374,015 shares in the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new position in Harris Corp. during the second quarter valued at $29,783,000. 88.82% of the stock is currently owned by institutional investors and hedge funds.
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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