Harris Corporation (HRS) Given “Buy” Rating at Cowen and Company
Cowen and Company reaffirmed their buy rating on shares of Harris Corporation (NYSE:HRS) in a report released on Monday. The brokerage currently has a $134.00 price target on the communications equipment provider’s stock.
Other equities analysts have also recently issued research reports about the stock. ValuEngine cut shares of Harris Corporation from a buy rating to a hold rating in a research report on Monday. Zacks Investment Research upgraded shares of Harris Corporation from a sell rating to a hold rating in a report on Tuesday. Jefferies Group LLC reissued a buy rating and issued a $135.00 target price on shares of Harris Corporation in a research report on Thursday, September 21st. Credit Suisse Group assumed coverage on Harris Corporation in a research report on Monday, August 28th. They issued an outperform rating and a $144.00 target price on the stock. Finally, BidaskClub upgraded Harris Corporation from a hold rating to a buy rating in a research note on Saturday, August 5th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of Buy and an average target price of $121.57.
Shares of Harris Corporation (HRS) traded up 0.28% on Monday, hitting $133.18. The company’s stock had a trading volume of 256,270 shares. The stock has a 50-day moving average price of $124.58 and a 200 day moving average price of $114.88. Harris Corporation has a one year low of $88.89 and a one year high of $133.80. The firm has a market cap of $15.95 billion, a price-to-earnings ratio of 30.02 and a beta of 1.18.
Harris Corporation (NYSE:HRS) last announced its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.49. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the firm posted $1.45 earnings per share. Harris Corporation’s revenue was up .6% compared to the same quarter last year. Equities research analysts predict that Harris Corporation will post $6.01 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Investors of record on Friday, September 8th were issued a $0.57 dividend. The ex-dividend date was Thursday, September 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.72%. This is a boost from Harris Corporation’s previous quarterly dividend of $0.53. Harris Corporation’s payout ratio is 51.47%.
In related news, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $118.93, for a total transaction of $484,045.10. Following the completion of the transaction, the insider now directly owns 46,131 shares of the company’s stock, valued at approximately $5,486,359.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Scott T. Mikuen sold 4,387 shares of the business’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $121.70, for a total value of $533,897.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 72,357 shares of company stock worth $8,643,111. 1.91% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of HRS. Eqis Capital Management Inc. boosted its stake in shares of Harris Corporation by 9.7% in the 3rd quarter. Eqis Capital Management Inc. now owns 6,658 shares of the communications equipment provider’s stock valued at $877,000 after buying an additional 586 shares during the period. Burgundy Asset Management Ltd. grew its position in shares of Harris Corporation by 1.6% during the second quarter. Burgundy Asset Management Ltd. now owns 1,287,891 shares of the communications equipment provider’s stock worth $140,483,000 after buying an additional 20,765 shares in the last quarter. Toronto Dominion Bank grew its position in shares of Harris Corporation by 23.1% during the second quarter. Toronto Dominion Bank now owns 41,329 shares of the communications equipment provider’s stock worth $4,507,000 after buying an additional 7,747 shares in the last quarter. EP Wealth Advisors LLC grew its position in shares of Harris Corporation by 1.0% during the second quarter. EP Wealth Advisors LLC now owns 1,875 shares of the communications equipment provider’s stock worth $205,000 after buying an additional 19 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Harris Corporation during the second quarter worth approximately $881,000. 84.99% of the stock is currently owned by institutional investors.
About Harris Corporation
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