Zacks Investment Research upgraded shares of Harris (NYSE:HRS) from a hold rating to a buy rating in a research note issued to investors on Thursday morning. Zacks Investment Research currently has $165.00 target price on the communications equipment provider’s stock.
According to Zacks, “Shares of Harris Corporation have outperformed its industry over the last six months. In fact, stocks like Harris have been buoyed by the possibility of greater military spending by the United States, owing to tensions with North Korea. The strong performance by the Space and Intelligence Systems unit may aid results in the fiscal second quarter, scheduled to be out on Jan 30. It's efforts to reward shareholders through dividends and buybacks are impressive. In August 2017, the company raised its quarterly dividend by 8%. Harris' business innovation initiatives are also encouraging. Multiple multiple contract wins too bode well for the company. However, the company's high debt levels remain a potent threat. Moreover, the company's struggles on the top line front are concerning.”
A number of other research analysts also recently commented on the stock. Credit Suisse Group reaffirmed an outperform rating and issued a $155.00 target price (up from $144.00) on shares of Harris in a research report on Wednesday, November 1st. They noted that the move was a valuation call. Cowen reaffirmed a buy rating and issued a $150.00 target price on shares of Harris in a research report on Thursday, October 19th. Jefferies Group increased their target price on shares of Harris from $135.00 to $157.00 and gave the company a buy rating in a research report on Wednesday, November 1st. ValuEngine raised shares of Harris from a hold rating to a buy rating in a research report on Sunday, December 31st. Finally, Seaport Global Securities reaffirmed a buy rating and issued a $145.00 target price (up from $135.00) on shares of Harris in a research report on Monday, October 9th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Harris currently has a consensus rating of Buy and a consensus target price of $147.14.
Harris (NYSE:HRS) traded up $0.15 during midday trading on Thursday, hitting $145.89. 506,822 shares of the company were exchanged, compared to its average volume of 486,732. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.64. The stock has a market cap of $17,390.23, a P/E ratio of 32.56, a price-to-earnings-growth ratio of 4.00 and a beta of 1.13. Harris has a 1 year low of $99.13 and a 1 year high of $148.73.
Harris (NYSE:HRS) last posted its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.03. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.44 billion. Harris had a net margin of 9.02% and a return on equity of 23.36%. The company’s revenue was down .5% on a year-over-year basis. During the same period last year, the firm posted $1.28 EPS. equities analysts expect that Harris will post 6.08 earnings per share for the current year.
Institutional investors have recently modified their holdings of the business. BB&T Investment Services Inc. purchased a new position in Harris during the 2nd quarter worth $113,000. Northwestern Mutual Wealth Management Co. grew its position in Harris by 110.3% during the 2nd 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 purchased a new position in Harris during the 2nd quarter worth $157,000. Stephens Inc. AR purchased a new position in Harris during the 2nd quarter worth $167,000. Finally, Ropes Wealth Advisors LLC grew its position in Harris by 5.4% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,635 shares of the communications equipment provider’s stock worth $178,000 after purchasing an additional 84 shares during the last quarter. 84.29% of the stock is currently owned by institutional investors.
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Harris Company Profile
Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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