Harris (NYSE:HRS) had its price target boosted by Citigroup from $160.00 to $183.00 in a report released on Tuesday. The brokerage currently has a buy rating on the communications equipment provider’s stock.
A number of other equities research analysts have also issued reports on HRS. Credit Suisse Group upped their target price on shares of Harris from $167.00 to $187.00 and gave the company an outperform rating in a research note on Wednesday, January 31st. Cowen restated a buy rating and issued a $170.00 target price on shares of Harris in a research note on Tuesday, January 30th. Argus started coverage on shares of Harris in a research note on Wednesday, April 4th. They issued a buy rating and a $196.00 target price on the stock. Zacks Investment Research lowered shares of Harris from a buy rating to a hold rating in a research note on Tuesday, April 3rd. Finally, Barclays started coverage on shares of Harris in a research note on Thursday, March 29th. They issued an equal weight rating and a $173.00 target price on the stock. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $169.33.
NYSE:HRS opened at $161.69 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.22 and a quick ratio of 0.68. The stock has a market capitalization of $19,324.46, a price-to-earnings ratio of 29.24, a PEG ratio of 4.19 and a beta of 1.27. Harris has a 1-year low of $106.18 and a 1-year high of $164.69.
Harris (NYSE:HRS) last posted its quarterly earnings data 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. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Harris had a net margin of 8.63% and a return on equity of 24.49%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.38 EPS. sell-side analysts expect that Harris will post 6.48 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 21st. Stockholders of record on Thursday, March 8th were paid a $0.57 dividend. The ex-dividend date was Wednesday, March 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.41%. Harris’s dividend payout ratio (DPR) is presently 41.23%.
In related news, SVP Scott T. Mikuen sold 20,000 shares of the stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $151.18, for a total transaction of $3,023,600.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Sheldon J. Fox sold 8,682 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $156.00, for a total transaction of $1,354,392.00. Following the sale, the senior vice president now owns 53,724 shares in the company, valued at approximately $8,380,944. The disclosure for this sale can be found here. In the last 90 days, insiders sold 79,882 shares of company stock worth $12,221,320. Company insiders own 1.91% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Harris by 76.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 85,359 shares of the communications equipment provider’s stock worth $12,091,000 after acquiring an additional 36,943 shares during the period. Hilton Capital Management LLC raised its stake in Harris by 13.6% during the fourth quarter. Hilton Capital Management LLC now owns 145,076 shares of the communications equipment provider’s stock worth $20,550,000 after acquiring an additional 17,362 shares during the period. Woodard & Co. Asset Management Group Inc. ADV acquired a new stake in Harris during the fourth quarter worth about $134,000. First Commonwealth Financial Corp PA acquired a new stake in Harris during the fourth quarter worth about $379,000. Finally, Banco de Sabadell S.A acquired a new stake in Harris during the fourth quarter worth about $2,212,000. Hedge funds and other institutional investors own 84.95% of the company’s stock.
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Harris Company Profile
Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, 2-channel vehicular radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.
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