Harris (NYSE:HRS) had its price target hoisted by investment analysts at Barclays from $180.00 to $205.00 in a report issued on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “overweight” rating on the communications equipment provider’s stock. Barclays‘s target price would indicate a potential upside of 12.56% from the company’s previous close.
Several other analysts have also weighed in on the company. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Raymond James raised their price objective on Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, May 2nd. Argus raised their price objective on Harris to $200.00 and gave the company a “positive” rating in a research note on Wednesday, May 8th. Zacks Investment Research lowered Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, April 23rd. Finally, Cowen reaffirmed a “buy” rating and issued a $194.00 price objective on shares of Harris in a research note on Thursday, February 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $196.13.
Shares of NYSE HRS opened at $182.12 on Thursday. The company has a current ratio of 1.42, a quick ratio of 1.15 and a debt-to-equity ratio of 0.95. Harris has a one year low of $123.24 and a one year high of $185.18. The firm has a market capitalization of $21.44 billion, a price-to-earnings ratio of 28.02, a PEG ratio of 2.78 and a beta of 1.23.
Harris (NYSE:HRS) last released its earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.07. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. Harris’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 EPS. Equities analysts forecast that Harris will post 8.15 earnings per share for the current fiscal year.
In other Harris news, SVP Robert L. Duffy sold 9,124 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $179.99, for a total value of $1,642,228.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William H. Gattle sold 5,131 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $178.71, for a total value of $916,961.01. The disclosure for this sale can be found here. Company insiders own 2.51% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. bought a new position in Harris in the fourth quarter valued at about $31,000. Cresset Asset Management LLC bought a new position in Harris in the first quarter valued at about $36,000. Bronfman E.L. Rothschild L.P. raised its position in Harris by 48.8% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 308 shares of the communications equipment provider’s stock valued at $41,000 after purchasing an additional 101 shares during the last quarter. Sonora Investment Management LLC bought a new position in Harris in the first quarter valued at about $46,000. Finally, Destination Wealth Management bought a new position in Harris in the first quarter valued at about $52,000. Hedge funds and other institutional investors own 92.65% of the company’s stock.
Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.
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