Zacks Investment Research Upgrades Harris (NYSE:HRS) to “Buy”

Harris (NYSE:HRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, January 18th. The brokerage presently has a $165.00 target price on the communications equipment provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 7.99% from the company’s current price.

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 firms have also commented on HRS. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Credit Suisse Group restated 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. Cowen restated a “buy” rating and issued a $150.00 price objective on shares of Harris in a research note on Thursday, October 19th. Jefferies Group lifted their price objective on shares of Harris from $135.00 to $157.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. Finally, Seaport Global Securities reiterated a “buy” rating and set a $145.00 price target (up from $135.00) on shares of Harris in a research note on Monday, October 9th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $154.57.

Harris (HRS) traded down $0.23 during trading hours on Thursday, hitting $152.79. 828,664 shares of the company’s stock traded hands, compared to its average volume of 824,011. The firm has a market capitalization of $18,210.00, a P/E ratio of 29.44, a price-to-earnings-growth ratio of 3.94 and a beta of 1.29. The company has a current ratio of 1.22, a quick ratio of 0.68 and a debt-to-equity ratio of 1.13. Harris has a fifty-two week low of $104.16 and a fifty-two week high of $160.67.

Harris (NYSE:HRS) last announced its quarterly earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.28. Harris had a net margin of 8.63% and a return on equity of 24.49%. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the company earned $1.38 earnings per share. Harris’s quarterly revenue was up 5.9% compared to the same quarter last year. research analysts expect that Harris will post 6.48 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. BB&T Investment Services Inc. acquired a new position in Harris during the second quarter worth about $113,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Harris by 110.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock valued at $131,000 after purchasing an additional 632 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Harris by 980.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,243 shares of the communications equipment provider’s stock valued at $176,000 after purchasing an additional 1,128 shares in the last quarter. Calton & Associates Inc. purchased a new stake in shares of Harris in the fourth quarter valued at about $180,000. Finally, First National Bank & Trust Co. of Newtown purchased a new stake in shares of Harris in the fourth quarter valued at about $200,000. Institutional investors own 83.84% of the company’s stock.

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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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