Harris (HRS) Trading Up 2.1% Following Earnings Beat

Harris Corporation (NYSE:HRS) was up 2.1% during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $157.70 and last traded at $159.57. Approximately 433,660 shares changed hands during trading, a decline of 38% from the average daily volume of 697,088 shares. The stock had previously closed at $156.31.

The communications equipment provider reported $1.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.28. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.48 billion. Harris had a return on equity of 23.36% and a net margin of 9.02%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.38 EPS.

A number of equities research analysts have recently weighed in on the company. Credit Suisse Group boosted their target price on Harris from $167.00 to $187.00 and gave the stock an “outperform” rating in a research report on Wednesday. Cowen reiterated a “buy” rating and set a $157.00 price target on shares of Harris in a research note on Tuesday. Zacks Investment Research upgraded Harris from a “hold” rating to a “buy” rating and set a $165.00 price target for the company in a research note on Thursday, January 18th. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, JPMorgan Chase & Co. lifted their price target on Harris from $138.00 to $148.00 and gave the company an “overweight” rating in a research note on Wednesday, November 1st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $152.71.

A number of hedge funds have recently added to or reduced their stakes in the business. Capital Research Global Investors acquired a new position in Harris in the 2nd quarter valued at $304,508,000. Janus Henderson Group PLC increased its position in Harris by 12,337.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock worth $268,276,000 after buying an additional 2,439,664 shares during the period. Koch Industries Inc. bought a new position in Harris in the 2nd quarter worth approximately $612,000. Bessemer Group Inc. increased its position in Harris by 122,037.5% in the 4th quarter. Bessemer Group Inc. now owns 609,466 shares of the communications equipment provider’s stock worth $86,331,000 after buying an additional 608,967 shares during the period. Finally, Gotham Asset Management LLC increased its position in Harris by 192.8% in the 2nd quarter. Gotham Asset Management LLC now owns 329,220 shares of the communications equipment provider’s stock worth $35,911,000 after buying an additional 216,777 shares during the period. Institutional investors and hedge funds own 84.50% of the company’s stock.

The company has a quick ratio of 0.64, a current ratio of 1.11 and a debt-to-equity ratio of 1.14. The stock has a market cap of $17,545.14, a PE ratio of 35.51, a P/E/G ratio of 4.04 and a beta of 1.13.

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About Harris

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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