Investors Buy Harris (HRS) on Weakness

Investors purchased shares of Harris Corporation (NYSE:HRS) on weakness during trading hours on Tuesday. $39.70 million flowed into the stock on the tick-up and $19.59 million flowed out of the stock on the tick-down, for a money net flow of $20.11 million into the stock. Of all companies tracked, Harris had the 32nd highest net in-flow for the day. Harris traded down ($0.78) for the day and closed at $145.62

A number of equities analysts have issued reports on the stock. Cowen reaffirmed a “buy” rating and set a $150.00 price objective on shares of Harris in a report on Thursday, October 19th. ValuEngine downgraded shares of Harris from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Zacks Investment Research raised shares of Harris from a “hold” rating to a “buy” rating and set a $153.00 price objective on the stock in a report on Monday, October 16th. Seaport Global Securities reaffirmed a “buy” rating and set a $145.00 price objective (up from $135.00) on shares of Harris in a report on Monday, October 9th. Finally, Jefferies Group lifted their target price on Harris from $135.00 to $157.00 and gave the stock a “buy” rating in a research note on Wednesday, November 1st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $145.43.

The company has a market capitalization of $17,300.00, a P/E ratio of 27.13, a P/E/G ratio of 3.43 and a beta of 1.13. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.64.

Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.03. Harris had a return on equity of 23.36% and a net margin of 9.02%. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the previous year, the business posted $1.28 EPS. The firm’s quarterly revenue was down .5% compared to the same quarter last year. sell-side analysts expect that Harris Corporation will post 5.99 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Prudential PLC raised its stake in Harris by 25.5% in the 2nd 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 period. Amalgamated Bank grew its holdings in Harris by 58.9% during the 2nd quarter. Amalgamated Bank now owns 13,916 shares of the communications equipment provider’s stock valued at $1,518,000 after buying an additional 5,159 shares in the last quarter. KBC Group NV grew its holdings in Harris by 39.3% during the 3rd quarter. KBC Group NV now owns 18,473 shares of the communications equipment provider’s stock valued at $2,433,000 after buying an additional 5,216 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Harris by 10.2% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 48,416 shares of the communications equipment provider’s stock valued at $6,375,000 after buying an additional 4,500 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in Harris during the 3rd quarter valued at about $540,000. Institutional investors and hedge funds own 84.28% of the company’s stock.

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