Harris Co. (HRS) Short Interest Update
Harris Co. (NYSE:HRS) was the recipient of a large decrease in short interest in April. As of April 28th, there was short interest totalling 1,299,133 shares, a decrease of 37.8% from the April 13th total of 2,090,134 shares. Based on an average daily volume of 963,653 shares, the short-interest ratio is currently 1.3 days. Approximately 1.0% of the company’s stock are sold short.
A number of research firms have issued reports on HRS. Jefferies Group LLC increased their target price on Harris from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. Barclays PLC cut Harris 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, Zacks Investment Research upgraded Harris from a “hold” rating to a “buy” rating and set a $123.00 price objective for the company in a report on Monday, April 10th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $107.25.
Harris (NYSE:HRS) opened at 108.64 on Wednesday. The stock has a 50 day moving average price of $110.12 and a 200 day moving average price of $106.22. The company has a market cap of $13.24 billion, a PE ratio of 23.35 and a beta of 1.27. Harris has a one year low of $76.55 and a one year high of $113.58.
Harris (NYSE:HRS) last posted its earnings results on Wednesday, May 3rd. The communications equipment provider reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.07. Harris had a net margin of 9.15% and a return on equity of 22.73%. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the prior year, the business posted $1.45 EPS. The firm’s revenue was down 3.9% compared to the same quarter last year. On average, equities analysts anticipate that Harris will post $5.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 16th. Shareholders of record on Friday, June 2nd will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Wednesday, May 31st. Harris’s payout ratio is 40.08%.
In other Harris news, SVP Scott T. Mikuen sold 20,600 shares of the stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $109.71, for a total transaction of $2,260,026.00. Following the completion of the transaction, the senior vice president now owns 68,313 shares in the company, valued at approximately $7,494,619.23. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.71% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Harris by 2.9% in the first quarter. Vanguard Group Inc. now owns 13,291,259 shares of the communications equipment provider’s stock worth $1,478,919,000 after buying an additional 379,265 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Harris by 0.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 13,180,866 shares of the communications equipment provider’s stock worth $1,207,499,000 after buying an additional 54,467 shares during the last quarter. BlackRock Inc. increased its stake in shares of Harris by 3,267.9% in the first quarter. BlackRock Inc. now owns 7,670,217 shares of the communications equipment provider’s stock worth $853,463,000 after buying an additional 7,442,472 shares during the last quarter. Boston Partners increased its stake in shares of Harris by 0.5% in the third quarter. Boston Partners now owns 7,447,349 shares of the communications equipment provider’s stock worth $682,253,000 after buying an additional 38,416 shares during the last quarter. Finally, State Street Corp increased its stake in shares of Harris by 3.9% in the first quarter. State Street Corp now owns 5,085,846 shares of the communications equipment provider’s stock worth $565,898,000 after buying an additional 188,952 shares during the last quarter. 83.24% of the stock is owned by institutional investors and hedge funds.
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