Harris Corporation (HRS) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Harris Corporation (NYSE:HRS) from a sell rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Shares of Harris Corporation have outperformed its industry so far this year. The company's efforts to reward shareholders through dividends and buybacks are impressive. In August, the company raised its quarterly dividend by 8% to 57 cents per share from 53 cents per share. This is the 16th such annual dividend increase by the company. The company has an impressive earnings history having surpassed the Zacks Consensus Estimate in three of the preceding four quarters. However, the company's revenue related woes are concerning. Moreover, the disappointing performance of its Space and Intelligence Systems unit may hurt the top line going forward. Harris is also a highly leveraged company. High integration and restructuring costs from acquisition are limiting bottom-line growth. Additionally, weakness in international markets may result in lower-than-expected sales of tactical radio products.”
A number of other research firms also recently issued reports on HRS. Jefferies Group LLC reaffirmed a buy rating and set a $135.00 price target on shares of Harris Corporation in a research note on Thursday, September 21st. Cowen and Company reissued a buy rating and issued a $125.00 price objective on shares of Harris Corporation in a research note on Tuesday, August 1st. ValuEngine raised shares of Harris Corporation from a hold rating to a buy rating in a research note on Friday, September 1st. BidaskClub raised shares of Harris Corporation from a hold rating to a buy rating in a research note on Saturday, August 5th. Finally, Credit Suisse Group began coverage on shares of Harris Corporation in a report on Monday, August 28th. They issued an outperform rating and a $144.00 target price on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $121.57.
Shares of Harris Corporation (HRS) traded up 0.19% during midday trading on Tuesday, reaching $133.56. The company had a trading volume of 86,059 shares. The stock has a 50-day moving average of $124.97 and a 200 day moving average of $115.03. The firm has a market capitalization of $16.00 billion, a price-to-earnings ratio of 30.11 and a beta of 1.18. Harris Corporation has a 52 week low of $88.89 and a 52 week high of $133.80.
Harris Corporation (NYSE:HRS) last posted its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, meeting analysts’ consensus estimates of $1.49. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the company earned $1.45 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. On average, analysts anticipate that Harris Corporation will post $6.01 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Friday, September 8th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.71%. The ex-dividend date was Thursday, September 7th. This is a positive change from Harris Corporation’s previous quarterly dividend of $0.53. Harris Corporation’s dividend payout ratio is presently 51.47%.
In other news, SVP Scott T. Mikuen sold 13,600 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total value of $1,677,696.00. Following the sale, the senior vice president now owns 61,349 shares of the company’s stock, valued at $7,568,012.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christopher D. Young sold 4,070 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $118.93, for a total transaction of $484,045.10. Following the completion of the sale, the insider now directly owns 46,131 shares in the company, valued at approximately $5,486,359.83. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,357 shares of company stock valued at $8,643,111. 1.91% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP bought a new position in Harris Corporation during the 2nd quarter valued at about $2,342,000. Dimensional Fund Advisors LP raised its position in Harris Corporation by 11.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock worth $65,744,000 after purchasing an additional 59,933 shares during the period. Bank of Montreal Can raised its position in Harris Corporation by 39.2% in the 2nd quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock worth $13,403,000 after purchasing an additional 34,614 shares during the period. OMERS ADMINISTRATION Corp purchased a new stake in Harris Corporation in the 2nd quarter worth about $2,368,000. Finally, Principal Financial Group Inc. raised its position in Harris Corporation by 90.1% in the 2nd quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock worth $73,710,000 after purchasing an additional 320,216 shares during the period. Hedge funds and other institutional investors own 84.99% of the company’s stock.
About Harris Corporation
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