Harris Corporation (NYSE:HRS) Rating Reiterated by Jefferies Group LLC
Harris Corporation (NYSE:HRS)‘s stock had its “buy” rating reissued by stock analysts at Jefferies Group LLC in a report issued on Friday. They presently have a $125.00 price target on the communications equipment provider’s stock. Jefferies Group LLC’s price target suggests a potential upside of 10.81% from the company’s previous close.
Several other research analysts have also recently issued reports on the company. Cowen and Company restated a “buy” rating and issued a $125.00 price objective on shares of Harris Corporation in a research note on Thursday. Zacks Investment Research cut Harris Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday. BidaskClub cut Harris Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, June 10th. ValuEngine upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, 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 research note on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. Harris Corporation currently has a consensus rating of “Buy” and an average price target of $109.50.
Harris Corporation (NYSE HRS) traded up 2.29% during midday trading on Friday, hitting $112.81. The company’s stock had a trading volume of 1,010,077 shares. The company has a market cap of $13.75 billion, a price-to-earnings ratio of 24.25 and a beta of 1.22. The company’s 50-day moving average is $110.14 and its 200 day moving average is $108.08. Harris Corporation has a one year low of $80.78 and a one year high of $114.32.
Harris Corporation (NYSE:HRS) last announced its quarterly earnings data on Wednesday, May 3rd. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.07. Harris Corporation had a return on equity of 23.25% and a net margin of 8.50%. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the business posted $1.45 earnings per share. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. On average, analysts predict that Harris Corporation will post $5.52 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 16th. Investors of record on Friday, June 2nd were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.88%. The ex-dividend date was Wednesday, May 31st. Harris Corporation’s dividend payout ratio (DPR) is 45.69%.
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In related news, SVP Robert L. Duffy sold 33,600 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now directly owns 50,311 shares of the company’s stock, valued at $5,635,335.11. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.71% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the company. Braun Stacey Associates raised its stake in Harris Corporation by 11.8% in the third quarter. Braun Stacey Associates now owns 5,700 shares of the communications equipment provider’s stock valued at $417,000 after buying an additional 600 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft acquired a new stake in shares of Harris Corporation during the third quarter valued at approximately $6,914,000. Palo Capital raised its stake in shares of Harris Corporation by 6.8% in the third quarter. Palo Capital now owns 11,500 shares of the communications equipment provider’s stock valued at $841,000 after buying an additional 730 shares during the last quarter. M. Kraus & Company raised its stake in shares of Harris Corporation by 16.3% in the fourth quarter. M. Kraus & Company now owns 56,422 shares of the communications equipment provider’s stock valued at $4,903,000 after buying an additional 7,890 shares during the last quarter. Finally, Cullinan Associates raised its stake in shares of Harris Corporation by 46.2% in the fourth quarter. Cullinan Associates now owns 55,700 shares of the communications equipment provider’s stock valued at $4,840,000 after buying an additional 17,600 shares during the last quarter. 86.22% of the stock is currently owned by hedge funds and other institutional investors.
About Harris Corporation
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