Harris Corporation (HRS) Coverage Initiated at Credit Suisse Group
Research analysts at Credit Suisse Group initiated coverage on shares of Harris Corporation (NYSE:HRS) in a research note issued on Monday. The firm set an “outperform” rating and a $144.00 price target on the communications equipment provider’s stock. Credit Suisse Group’s target price would suggest a potential upside of 18.51% from the stock’s current price.
A number of other research analysts also recently commented on HRS. Barclays PLC downgraded shares of Harris Corporation from an “overweight” rating to an “equal weight” rating and set a $110.00 price objective on the stock. in a research report on Monday, May 1st. Jefferies Group LLC boosted their price objective on shares of Harris Corporation from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, May 4th. ValuEngine raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. BidaskClub downgraded shares of Harris Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Zacks Investment Research downgraded shares of Harris Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Harris Corporation currently has an average rating of “Buy” and an average price target of $117.13.
Shares of Harris Corporation (HRS) opened at 121.51 on Monday. The stock has a market cap of $14.62 billion, a price-to-earnings ratio of 27.39 and a beta of 1.22. Harris Corporation has a 52-week low of $88.89 and a 52-week high of $121.70. The stock’s 50 day moving average is $116.47 and its 200 day moving average is $111.69.
Harris Corporation (NYSE:HRS) last announced its quarterly earnings data on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.49. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm posted $1.45 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. On average, equities analysts expect that Harris Corporation will post $6.01 earnings per share for the current fiscal year.
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In other Harris Corporation news, insider Christopher D. Young sold 4,070 shares of Harris Corporation stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $118.93, for a total value of $484,045.10. Following the completion of the sale, the insider now directly owns 46,131 shares in the company, valued at $5,486,359.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Sheldon J. Fox sold 50,300 shares of Harris Corporation stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the completion of the sale, the senior vice president now owns 73,092 shares of the company’s stock, valued at $8,642,398.08. The disclosure for this sale can be found here. 1.71% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of HRS. Trust Co. of Vermont boosted its stake in shares of Harris Corporation by 20.6% in the second quarter. Trust Co. of Vermont now owns 919 shares of the communications equipment provider’s stock worth $100,000 after buying an additional 157 shares during the last quarter. BB&T Investment Services Inc. purchased a new stake in shares of Harris Corporation during the second quarter worth $113,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Harris Corporation by 110.3% in the second 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 purchased a new stake in shares of Harris Corporation during the second quarter worth $157,000. Finally, Stephens Inc. AR purchased a new stake in shares of Harris Corporation during the second quarter worth $167,000. Hedge funds and other institutional investors own 83.35% of the company’s stock.
Harris Corporation Company Profile
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