Harris Corporation (HRS) Receives $105.00 Average PT from Analysts
Shares of Harris Corporation (NYSE:HRS) have been given an average rating of “Buy” by the eleven analysts that are presently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $105.00.
A number of equities analysts have recently commented on HRS shares. Zacks Investment Research downgraded shares of Harris Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, March 14th. Barclays PLC downgraded shares of Harris Corporation from an “overweight” rating to an “equal weight” rating and set a $110.00 target price on the stock. in a research note on Monday, May 1st. Jefferies Group LLC set a $120.00 target price on shares of Harris Corporation and gave the company a “buy” rating in a research note on Thursday, March 16th. ValuEngine raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, BidaskClub downgraded shares of Harris Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, June 10th.
Harris Corporation (HRS) traded up 0.95% on Tuesday, reaching $110.54. The company’s stock had a trading volume of 2,234,185 shares. The company has a 50 day moving average of $109.81 and a 200 day moving average of $107.72. The firm has a market capitalization of $13.48 billion, a price-to-earnings ratio of 23.76 and a beta of 1.21. Harris Corporation has a 52 week low of $78.42 and a 52 week high of $114.32.
Harris Corporation (NYSE:HRS) last issued its earnings results on Wednesday, May 3rd. The communications equipment provider reported $1.38 EPS for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.07. Harris Corporation had a net margin of 8.50% and a return on equity of 23.25%. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter last year, the firm posted $1.45 EPS. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. On average, analysts forecast that Harris Corporation will post $5.52 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 16th. Stockholders of record on Friday, June 2nd will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, May 31st. Harris Corporation’s payout ratio is currently 45.69%.
In other news, SVP Robert L. Duffy sold 33,600 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $112.01, for a total value of $3,763,536.00. Following the completion of the sale, the senior vice president now owns 50,311 shares of the company’s stock, valued at approximately $5,635,335.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.71% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in HRS. BlackRock Inc. increased its stake in Harris Corporation by 3,267.9% in the first quarter. BlackRock Inc. now owns 7,670,217 shares of the communications equipment provider’s stock valued at $853,463,000 after buying an additional 7,442,472 shares during the last quarter. Janus Capital Management LLC raised its position in Harris Corporation by 253.7% in the first quarter. Janus Capital Management LLC now owns 2,165,991 shares of the communications equipment provider’s stock valued at $241,010,000 after buying an additional 1,553,628 shares during the period. Norges Bank acquired a new position in Harris Corporation during the fourth quarter valued at approximately $98,238,000. Private Advisor Group LLC raised its position in Harris Corporation by 20,790.1% in the first quarter. Private Advisor Group LLC now owns 764,788 shares of the communications equipment provider’s stock valued at $9,623,000 after buying an additional 761,127 shares during the period. Finally, Artisan Partners Limited Partnership raised its position in Harris Corporation by 69.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,373,867 shares of the communications equipment provider’s stock valued at $140,780,000 after buying an additional 560,990 shares during the period. 86.23% of the stock is owned by institutional investors.
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About Harris Corporation
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