Harris Sees Unusually Large Options Volume (HRS)

Harris Corporation (NYSE:HRS) was the target of unusually large options trading activity on Friday. Investors purchased 777 put options on the company. This represents an increase of 1,114% compared to the typical daily volume of 64 put options.

Shares of Harris (NYSE:HRS) traded down $1.70 during mid-day trading on Thursday, reaching $157.68. The company’s stock had a trading volume of 1,020,000 shares, compared to its average volume of 653,147. The company has a quick ratio of 0.64, a current ratio of 1.43 and a debt-to-equity ratio of 1.13. Harris has a one year low of $100.79 and a one year high of $160.67. The firm has a market cap of $18,800.00, a price-to-earnings ratio of 30.38, a PEG ratio of 4.10 and a beta of 1.13.

Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.28. Harris had a return on equity of 24.49% and a net margin of 8.63%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the firm posted $1.38 earnings per share. The company’s revenue was up 5.9% on a year-over-year basis. analysts predict that Harris will post 6.36 EPS for the current year.

Large investors have recently bought and sold shares of the stock. EP Wealth Advisors LLC increased its position in Harris by 1.0% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,875 shares of the communications equipment provider’s stock worth $205,000 after purchasing an additional 19 shares during the last quarter. Thrivent Financial For Lutherans increased its position in Harris by 0.6% in the 2nd quarter. Thrivent Financial For Lutherans now owns 4,685 shares of the communications equipment provider’s stock worth $511,000 after purchasing an additional 30 shares during the last quarter. Comerica Securities Inc. increased its position in Harris by 3.5% in the 2nd quarter. Comerica Securities Inc. now owns 2,068 shares of the communications equipment provider’s stock worth $226,000 after purchasing an additional 70 shares during the last quarter. Ropes Wealth Advisors LLC increased its holdings in shares of Harris by 5.4% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 1,635 shares of the communications equipment provider’s stock valued at $178,000 after acquiring an additional 84 shares during the last quarter. Finally, Advisor Group Inc. increased its holdings in shares of Harris by 1.8% during the 2nd quarter. Advisor Group Inc. now owns 5,262 shares of the communications equipment provider’s stock valued at $547,000 after acquiring an additional 94 shares during the last quarter. 84.50% of the stock is currently owned by hedge funds and other institutional investors.

HRS has been the subject of a number of recent analyst reports. Seaport Global Securities restated a “buy” rating and issued a $145.00 price target (up previously from $135.00) on shares of Harris in a research report on Monday, October 9th. Zacks Investment Research upgraded Harris from a “hold” rating to a “buy” rating and set a $153.00 price objective for the company in a research report on Monday, October 16th. Cowen restated a “buy” rating and issued a $150.00 price target on shares of Harris in a report on Thursday, October 19th. Jefferies Group lifted their price objective on Harris from $135.00 to $157.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $155.00 price objective (up from $144.00) on shares of Harris in a research note on Wednesday, November 1st. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $154.57.

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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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