Harris Corp. (NYSE:HRS) Given Consensus Rating of “Buy” by Analysts
Shares of Harris Corp. (NYSE:HRS) have been given a consensus rating of “Buy” by the ten research firms that are presently covering the stock. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $98.29.
A number of research firms have recently issued reports on HRS. Drexel Hamilton restated a “buy” rating on shares of Harris Corp. in a research report on Friday, June 17th. Jefferies Group restated a “buy” rating and set a $100.00 price objective (up from $95.00) on shares of Harris Corp. in a research report on Wednesday, August 3rd. Citigroup Inc. began coverage on Harris Corp. in a research report on Friday, June 10th. They set a “buy” rating and a $95.00 price objective on the stock. Zacks Investment Research upgraded Harris Corp. from a “sell” rating to a “hold” rating in a research report on Monday, September 19th. Finally, JPMorgan Chase & Co. set a $93.00 price objective on Harris Corp. and gave the company a “buy” rating in a research report on Wednesday, August 3rd.
In other news, SVP Dana A. Mehnert sold 27,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 89,492 shares of the company’s stock, valued at $7,877,085.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider William H. Gattle sold 1,366 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $454,781.25. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.
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Several institutional investors have recently added to or reduced their stakes in the stock. Blue Chip Partners Inc. raised its position in Harris Corp. by 0.5% in the second quarter. Blue Chip Partners Inc. now owns 6,081 shares of the company’s stock valued at $507,000 after buying an additional 32 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Harris Corp. by 0.6% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,357 shares of the company’s stock valued at $780,000 after buying an additional 54 shares during the period. Moody Lynn & Lieberson LLC raised its position in shares of Harris Corp. by 1.3% in the second quarter. Moody Lynn & Lieberson LLC now owns 5,538 shares of the company’s stock valued at $462,000 after buying an additional 71 shares during the period. Mn Services Vermogensbeheer B.V. raised its position in shares of Harris Corp. by 2.4% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 3,149 shares of the company’s stock valued at $237,000 after buying an additional 75 shares during the period. Finally, Boston Private Wealth LLC raised its position in shares of Harris Corp. by 0.3% in the second quarter. Boston Private Wealth LLC now owns 33,124 shares of the company’s stock valued at $2,764,000 after buying an additional 91 shares during the period. 88.92% of the stock is owned by institutional investors.
Shares of Harris Corp. (NYSE:HRS) traded down 0.07% during midday trading on Friday, hitting $92.22. 179,174 shares of the company were exchanged. The company’s 50 day moving average price is $91.34 and its 200 day moving average price is $83.84. The firm has a market cap of $11.46 billion, a P/E ratio of 35.72 and a beta of 1.22. Harris Corp. has a one year low of $70.97 and a one year high of $94.09.
Harris Corp. (NYSE:HRS) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $1.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.01. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted $1.32 earnings per share. Equities analysts expect 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. Shareholders of record on Friday, September 9th were issued a dividend of $0.53 per share. This is a positive change from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date was Wednesday, September 7th. Harris Corp.’s payout ratio is currently 82.49%.
Harris Corp. Company Profile
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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