Harris Corporation’s (HRS) “Buy” Rating Reiterated at Cowen and Company
Cowen and Company reissued their buy rating on shares of Harris Corporation (NYSE:HRS) in a report published on Thursday, July 6th. Cowen and Company currently has a $125.00 price target on the communications equipment provider’s stock.
“HRS’s contract award ($461MM ceiling value over 5 years) for Army land mobile.”,” the firm’s analyst wrote.
Other research analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Harris Corporation from a hold rating to a buy rating and set a $123.00 price target on the stock in a research report on Monday, April 10th. Jefferies Group LLC set a $120.00 price target on shares of Harris Corporation and gave the stock a buy rating in a research report on Thursday, March 16th. ValuEngine raised Harris Corporation from a hold rating to a buy rating in a report on Friday, June 2nd. Barclays PLC cut Harris Corporation from an overweight rating to an equal weight rating and set a $110.00 price objective for the company. in a report on Monday, May 1st. Finally, BidaskClub cut Harris Corporation from a buy rating to a hold rating in a report on Saturday, June 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. Harris Corporation presently has an average rating of Buy and a consensus price target of $113.29.
Shares of Harris Corporation (NYSE:HRS) traded down 0.21% during trading on Thursday, reaching $116.67. 356,983 shares of the company’s stock traded hands. The company has a market capitalization of $14.04 billion, a price-to-earnings ratio of 26.30 and a beta of 1.22. Harris Corporation has a 1-year low of $86.87 and a 1-year high of $117.71. The stock has a 50-day moving average of $112.47 and a 200-day moving average of $109.74.
Harris Corporation (NYSE:HRS) last issued its quarterly earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.49. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.45 EPS. On average, equities analysts predict that Harris Corporation will post $6.00 EPS for the current fiscal year.
In related news, SVP Robert L. Duffy sold 33,600 shares of the stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total transaction of $3,763,536.00. Following the completion of the sale, the senior vice president now directly owns 50,311 shares of the company’s stock, valued at approximately $5,635,335.11. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.71% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Harris Corporation by 11.3% in the first quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock worth $65,744,000 after buying an additional 59,933 shares during the period. Knights of Columbus Asset Advisors LLC purchased a new position in Harris Corporation during the first quarter worth $1,458,000. Bank of Nova Scotia increased its position in Harris Corporation by 946.4% in the first quarter. Bank of Nova Scotia now owns 28,473 shares of the communications equipment provider’s stock worth $3,168,000 after buying an additional 25,752 shares during the period. Morgan Stanley increased its position in Harris Corporation by 41.4% in the first quarter. Morgan Stanley now owns 700,940 shares of the communications equipment provider’s stock worth $77,993,000 after buying an additional 205,317 shares during the period. Finally, USA Financial Portformulas Corp purchased a new position in Harris Corporation during the fourth quarter worth $2,999,000. 85.64% of the stock is owned by hedge funds and other institutional investors.
About Harris Corporation
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