Harris Corporation (HRS) Receives Average Rating of “Buy” from Brokerages

Harris Corporation (NYSE:HRS) has been given an average recommendation of “Buy” by the nine research firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $147.14.

A number of equities analysts recently weighed in on the company. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $165.00 price objective on the stock in a report on Thursday. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. JPMorgan Chase & Co. raised their price objective on Harris from $138.00 to $148.00 and gave the company an “overweight” rating in a report on Wednesday, November 1st. Credit Suisse Group reissued an “outperform” rating and set a $155.00 price objective (up from $144.00) on shares of Harris in a report on Wednesday, November 1st. They noted that the move was a valuation call. Finally, Jefferies Group raised their price objective on Harris from $135.00 to $157.00 and gave the company a “buy” rating in a report on Wednesday, November 1st.

Harris (HRS) traded down $1.87 during trading hours on Friday, hitting $145.74. The company’s stock had a trading volume of 598,200 shares, compared to its average volume of 634,767. Harris has a 1 year low of $99.13 and a 1 year high of $148.73. The stock has a market cap of $17,595.20, a PE ratio of 32.53, a P/E/G ratio of 4.05 and a beta of 1.13. The company has a current ratio of 1.11, a quick ratio of 0.64 and a debt-to-equity ratio of 1.14.

Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.03. Harris had a return on equity of 23.36% and a net margin of 9.02%. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the firm posted $1.28 EPS. The company’s revenue was down .5% compared to the same quarter last year. equities analysts expect that Harris will post 6.08 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of HRS. BB&T Investment Services Inc. bought a new position in Harris during the 2nd quarter worth approximately $113,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Harris by 110.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock worth $131,000 after buying an additional 632 shares during the last quarter. BT Investment Management Ltd bought a new stake in shares of Harris in the 2nd quarter worth approximately $157,000. Stephens Inc. AR bought a new stake in shares of Harris in the 2nd quarter worth approximately $167,000. Finally, Ropes Wealth Advisors LLC grew its position in shares of Harris by 5.4% in the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,635 shares of the communications equipment provider’s stock worth $178,000 after buying an additional 84 shares during the last quarter. Institutional investors and hedge funds own 84.29% of the company’s stock.

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About Harris

Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.

Analyst Recommendations for Harris (NYSE:HRS)

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