Harris Corporation (HRS) Given Consensus Recommendation of “Buy” by Brokerages
Harris Corporation (NYSE:HRS) has received an average rating of “Buy” from the nine brokerages that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $121.33.
HRS has been the subject of a number of research analyst reports. ValuEngine upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub cut Harris Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, June 10th. Zacks Investment Research cut Harris Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Cowen and Company reiterated a “buy” rating and issued a $125.00 price target on shares of Harris Corporation in a research note on Thursday, July 6th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $125.00 price target on shares of Harris Corporation in a research note on Friday, July 7th.
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Shares of Harris Corporation (HRS) traded up 2.11% during trading on Friday, reaching $126.87. The company’s stock had a trading volume of 1,501,023 shares. The firm’s 50-day moving average is $120.03 and its 200-day moving average is $113.18. Harris Corporation has a 12-month low of $88.89 and a 12-month high of $126.98. The stock has a market capitalization of $15.19 billion, a PE ratio of 28.60 and a beta of 1.19.
Harris Corporation (NYSE:HRS) last released its quarterly 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 company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the business posted $1.45 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. Equities analysts expect that Harris Corporation will post $6.01 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Stockholders of record on Friday, September 8th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 1.80%. This is a boost from Harris Corporation’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 7th. Harris Corporation’s dividend payout ratio (DPR) is presently 51.47%.
In other news, SVP Scott T. Mikuen sold 13,600 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $123.36, for a total value of $1,677,696.00. Following the completion of the transaction, the senior vice president now directly owns 61,349 shares in the company, valued at $7,568,012.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher D. Young sold 4,070 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the completion of the transaction, the insider now owns 46,131 shares of the company’s stock, valued at $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. Company insiders own 1.71% of the company’s stock.
A number of institutional investors have recently bought and sold shares of HRS. Profund Advisors LLC grew its holdings in Harris Corporation by 15.3% during the first quarter. Profund Advisors LLC now owns 3,542 shares of the communications equipment provider’s stock worth $394,000 after acquiring an additional 470 shares during the period. UBS Asset Management Americas Inc. grew its holdings in Harris Corporation by 8.1% during the first quarter. UBS Asset Management Americas Inc. now owns 339,446 shares of the communications equipment provider’s stock worth $37,770,000 after acquiring an additional 25,539 shares during the period. British Columbia Investment Management Corp grew its holdings in Harris Corporation by 4.1% during the first quarter. British Columbia Investment Management Corp now owns 44,626 shares of the communications equipment provider’s stock worth $4,966,000 after acquiring an additional 1,759 shares during the period. Karp Capital Management Corp acquired a new stake in Harris Corporation during the first quarter worth about $4,144,000. Finally, TD Asset Management Inc. grew its holdings in Harris Corporation by 22.6% during the first quarter. TD Asset Management Inc. now owns 186,813 shares of the communications equipment provider’s stock worth $20,786,000 after acquiring an additional 34,446 shares during the period. 83.33% of the stock is currently owned by hedge funds and other institutional investors.
Harris Corporation Company Profile
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