Harris Corp. (HRS) Upgraded to “Hold” at Zacks Investment Research
Harris Corp. (NYSE:HRS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Harris Corporation has reported lower-than-expected revenues for four consecutive quarters. We expect the top-line to remain under pressure in the first quarter of fiscal 2017 as well. Additionally, the company's lower-than-expected earnings and revenue guidance for fiscal 2017 is a concern. However, we remain positive on the company's efforts to be a leading player in the industry with rapid innovation and new products. We are also optimistic on the company's collaborations and credible customer list. The company is expected to release third quarter results on Nov 1.”
Other research analysts have also recently issued reports about the company. Jefferies Group reaffirmed 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. 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, Citigroup Inc. lowered their price objective on Harris Corp. from $112.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, September 6th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $98.29.
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Harris Corp. (NYSE:HRS) traded up 1.25% during mid-day trading on Wednesday, reaching $91.52. The company had a trading volume of 185,374 shares. Harris Corp. has a 12 month low of $70.97 and a 12 month high of $94.09. The company has a market capitalization of $11.37 billion, a price-to-earnings ratio of 35.45 and a beta of 1.22. The firm’s 50 day moving average price is $91.25 and its 200-day moving average price is $84.59.
Harris Corp. (NYSE:HRS) last released its earnings results on Tuesday, August 2nd. The company reported $1.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.01. Harris Corp. had a return on equity of 21.77% and a net margin of 4.34%. The firm earned $1.90 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the previous year, the firm posted $1.32 EPS. Harris Corp.’s revenue for the quarter was up 24.0% on a year-over-year basis. Equities research analysts anticipate that Harris Corp. will post $5.78 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Friday, September 9th were issued a $0.53 dividend. This is an increase from Harris Corp.’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Wednesday, September 7th. Harris Corp.’s payout ratio is presently 82.49%.
In other Harris Corp. news, insider William H. Gattle sold 1,366 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $93.75, for a total transaction of $128,062.50. Following the completion of the sale, the insider now directly owns 4,851 shares of the company’s stock, valued at approximately $454,781.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Scott T. Mikuen sold 9,400 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $88.00, for a total value of $827,200.00. Following the sale, the senior vice president now directly owns 49,277 shares of the company’s stock, valued at $4,336,376. The disclosure for this sale can be found here. 1.71% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. ING Groep NV increased its stake in Harris Corp. by 5.3% in the first quarter. ING Groep NV now owns 9,392 shares of the company’s stock valued at $731,000 after buying an additional 473 shares in the last quarter. Aviva PLC increased its stake in Harris Corp. by 0.4% in the first quarter. Aviva PLC now owns 130,467 shares of the company’s stock valued at $10,158,000 after buying an additional 472 shares in the last quarter. BB&T Securities LLC increased its stake in Harris Corp. by 709.8% in the first quarter. BB&T Securities LLC now owns 42,959 shares of the company’s stock valued at $3,344,000 after buying an additional 37,654 shares in the last quarter. State Street Corp increased its stake in Harris Corp. by 1.4% in the first quarter. State Street Corp now owns 4,919,939 shares of the company’s stock valued at $383,072,000 after buying an additional 70,281 shares in the last quarter. Finally, Riverhead Capital Management LLC increased its stake in Harris Corp. by 99.5% in the first quarter. Riverhead Capital Management LLC now owns 130,186 shares of the company’s stock valued at $10,138,000 after buying an additional 64,933 shares in the last quarter. 88.84% of the stock is owned by hedge funds and other institutional investors.
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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