Harris Corporation (HRS) Receives Outperform Rating from Credit Suisse Group
Credit Suisse Group restated their outperform rating on shares of Harris Corporation (NYSE:HRS) in a report issued on Wednesday morning. The brokerage currently has a $155.00 target price on the communications equipment provider’s stock, up from their previous target price of $144.00. The analysts noted that the move was a valuation call.
Other equities research analysts have also recently issued research reports about the stock. Cowen and Company reiterated a buy rating and set a $134.00 price objective (up previously from $125.00) on shares of Harris Corporation in a research report on Tuesday, September 12th. BidaskClub cut shares of Harris Corporation from a buy rating to a hold rating in a research report on Monday, July 24th. Jefferies Group LLC lifted their price objective on shares of Harris Corporation from $135.00 to $157.00 and gave the company a buy rating in a research report on Wednesday. Zacks Investment Research upgraded shares of Harris Corporation from a sell rating to a hold rating in a research report on Thursday, August 24th. Finally, ValuEngine cut shares of Harris Corporation from a buy rating to a hold rating in a research report on Monday, October 2nd. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $145.43.
Harris Corporation (NYSE:HRS) last released its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.03. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Harris Corporation had a net margin of 9.02% and a return on equity of 23.36%. The company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 earnings per share.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Thursday, November 16th. Harris Corporation’s payout ratio is currently 50.89%.
In related news, SVP Scott T. Mikuen sold 4,387 shares of the business’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $121.70, for a total value of $533,897.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 sale, the insider now owns 46,131 shares in the company, valued at approximately $5,486,359.83. The disclosure for this sale can be found here. Insiders sold 72,357 shares of company stock worth $8,643,111 in the last 90 days. 1.91% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP bought a new position in Harris Corporation during the second quarter valued at $2,342,000. Prudential PLC increased its position in Harris Corporation by 25.5% during the second quarter. Prudential PLC now owns 81,028 shares of the communications equipment provider’s stock valued at $8,839,000 after acquiring an additional 16,476 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Harris Corporation by 11.3% during the first quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock valued at $65,744,000 after acquiring an additional 59,933 shares during the last quarter. Bank of Montreal Can increased its position in Harris Corporation by 39.2% during the second quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock valued at $13,403,000 after acquiring an additional 34,614 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in Harris Corporation during the second quarter valued at $2,368,000. Institutional investors own 84.54% of the company’s stock.
Harris Corporation Company Profile
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