Harris Corporation (HRS) Rating Reiterated by Cowen and Company
Cowen and Company reissued their buy rating on shares of Harris Corporation (NYSE:HRS) in a research report report published on Tuesday morning. The brokerage currently has a $150.00 target price on the communications equipment provider’s stock.
Other equities research analysts also recently issued research reports about the stock. BidaskClub downgraded shares of Harris Corporation from a buy rating to a hold rating in a research report on Monday, July 24th. ValuEngine downgraded shares of Harris Corporation from a buy rating to a hold rating in a research report on Monday, October 2nd. Zacks Investment Research raised shares of Harris Corporation from a sell rating to a hold rating in a research report on Thursday, August 24th. Seaport Global Securities reissued a buy rating and set a $145.00 price objective (up previously from $135.00) on shares of Harris Corporation in a research report on Monday, October 9th. Finally, Jefferies Group LLC reissued a buy rating and set a $125.00 price objective on shares of Harris Corporation in a research report on Friday, July 7th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Harris Corporation has an average rating of Buy and a consensus target price of $145.43.
Shares of Harris Corporation (HRS) opened at $139.41 on Tuesday. The company has a market cap of $16.34 billion, a P/E ratio of 24.18, a P/E/G ratio of 3.27 and a beta of 1.12. 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 Corporation (NYSE:HRS) last issued its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.03. Harris Corporation had a net margin of 9.02% and a return on equity of 23.36%. The firm had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. The business’s quarterly revenue was down .5% on a year-over-year basis. equities analysts predict that Harris Corporation will post 5.99 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend is Thursday, November 16th. Harris Corporation’s payout ratio is 50.89%.
In related news, insider Christopher D. Young sold 4,070 shares of the stock in a transaction on Thursday, August 10th. The shares were 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 owns 46,131 shares in the company, valued at $5,486,359.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Sheldon J. Fox sold 50,300 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the transaction, the senior vice president now owns 73,092 shares of the company’s stock, valued at approximately $8,642,398.08. The disclosure for this sale can be found here. Insiders have sold 72,357 shares of company stock valued at $8,643,111 in the last 90 days. 1.91% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Trust Co. of Vermont boosted its holdings in Harris Corporation by 20.6% during the second quarter. Trust Co. of Vermont now owns 919 shares of the communications equipment provider’s stock worth $100,000 after purchasing an additional 157 shares during the last quarter. BB&T Investment Services Inc. acquired a new position in Harris Corporation during the second quarter worth $113,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Harris Corporation by 110.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock worth $131,000 after purchasing an additional 632 shares during the last quarter. BT Investment Management Ltd acquired a new position in Harris Corporation during the second quarter worth $157,000. Finally, Stephens Inc. AR acquired a new position in Harris Corporation during the second quarter worth $167,000. Institutional investors and hedge funds own 84.54% of the company’s stock.
About Harris Corporation
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