Harris Corporation (HRS) Raised to “Buy” at Zacks Investment Research
Harris Corporation (NYSE:HRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm currently has a $153.00 target price on the communications equipment provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.04% from the stock’s previous close.
According to Zacks, “Shares of Harris Corporation have outperformed its industry over the last month. Stocks like Harris have been buoyed by the possibility of greater militarry spending by the United States, owing to tensions with North Korea.The company's efforts to reward shareholders through dividends and buybacks are impressive. In August 2017, the company raised its quarterly dividend by 8%. This marked the 16th such annual dividend increase by the company. Impressive sales of tactical radio products and multiple multiple contract wins also bode well for the company. However, high costs are limiting bottom-line growth. Moreover, Harris Corporation is a highly leveraged company.”
Several other research firms also recently weighed in on HRS. Seaport Global Securities reaffirmed a “buy” rating and issued a $145.00 target price (up from $135.00) on shares of Harris Corporation in a research report on Monday, October 9th. ValuEngine downgraded Harris Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Cowen and Company reiterated a “buy” rating and issued a $134.00 price objective on shares of Harris Corporation in a research note on Monday, October 2nd. Jefferies Group LLC reiterated a “buy” rating and issued a $135.00 price objective on shares of Harris Corporation in a research note on Thursday, September 21st. Finally, Credit Suisse Group began coverage on Harris Corporation in a research note on Monday, August 28th. They issued an “outperform” rating and a $144.00 price objective for the company. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $131.57.
Harris Corporation (NYSE HRS) traded down 0.39% during mid-day trading on Monday, reaching $136.03. 18,169 shares of the company were exchanged. The stock has a market capitalization of $16.29 billion, a price-to-earnings ratio of 30.67 and a beta of 1.18. The stock’s 50-day moving average price is $128.98 and its 200-day moving average price is $116.44. Harris Corporation has a 1-year low of $88.89 and a 1-year high of $137.16.
Harris Corporation (NYSE:HRS) last released its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share for the quarter, meeting the consensus estimate of $1.49. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. Harris Corporation’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.45 EPS. On average, equities research analysts anticipate that Harris Corporation will post $6.01 EPS for the current fiscal year.
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In other news, SVP Scott T. Mikuen sold 13,600 shares of Harris Corporation 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 owns 61,349 shares in the company, valued at approximately $7,568,012.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher D. Young sold 4,070 shares of Harris Corporation stock in a transaction dated 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 transaction, the insider now owns 46,131 shares of the company’s stock, valued at approximately $5,486,359.83. The disclosure for this sale can be found here. Insiders sold a total of 72,357 shares of company stock valued at $8,643,111 in the last quarter. Company insiders own 1.91% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in HRS. Harwood Advisory Group LLC lifted its stake in Harris Corporation by 0.4% during the second quarter. Harwood Advisory Group LLC now owns 2,119 shares of the communications equipment provider’s stock worth $231,000 after purchasing an additional 9 shares during the last quarter. EP Wealth Advisors LLC lifted its stake in 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 purchasing an additional 19 shares during the last quarter. Cleararc Capital Inc. lifted its stake in Harris Corporation by 0.8% during the first quarter. Cleararc Capital Inc. now owns 3,047 shares of the communications equipment provider’s stock worth $339,000 after purchasing an additional 23 shares during the last quarter. Blue Chip Partners Inc. lifted its stake in Harris Corporation by 1.0% during the second quarter. Blue Chip Partners Inc. now owns 2,729 shares of the communications equipment provider’s stock worth $298,000 after purchasing an additional 26 shares during the last quarter. Finally, Thrivent Financial For Lutherans lifted its stake in Harris Corporation by 0.6% during the second quarter. Thrivent Financial For Lutherans now owns 4,685 shares of the communications equipment provider’s stock worth $511,000 after purchasing an additional 30 shares during the last quarter. Institutional investors and hedge funds own 84.98% of the company’s stock.
About Harris Corporation
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