Harris Co. (NYSE:HRS) reached a new 52-week high and low during trading on Tuesday . The stock traded as low as $167.60 and last traded at $166.47, with a volume of 175849 shares. The stock had previously closed at $165.18.
HRS has been the subject of several analyst reports. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. 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. Cowen restated a “buy” rating and set a $157.00 price target on shares of Harris in a research note on Monday, January 22nd. Citigroup upped their price target on Harris from $160.00 to $183.00 and gave the stock a “buy” rating in a research note on Tuesday, April 10th. Finally, Barclays initiated coverage on Harris in a research note on Thursday, March 29th. They set an “equal weight” rating and a $173.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $169.33.
The firm has a market capitalization of $19,823.13, a price-to-earnings ratio of 28.20, a price-to-earnings-growth ratio of 4.32 and a beta of 1.27. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.22 and a quick ratio of 0.68.
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, topping the Zacks’ 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 firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the company posted $1.38 earnings per share. Harris’s quarterly revenue was up 5.9% on a year-over-year basis. research analysts predict that Harris Co. will post 6.44 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 21st. Investors of record on Thursday, March 8th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Wednesday, March 7th. Harris’s dividend payout ratio is presently 41.23%.
In related news, SVP Dana A. Mehnert sold 51,200 shares of the company’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $153.19, for a total transaction of $7,843,328.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Scott T. Mikuen sold 20,000 shares of the company’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $151.18, for a total value of $3,023,600.00. The disclosure for this sale can be found here. Insiders have sold 79,882 shares of company stock worth $12,221,320 in the last ninety days. 1.91% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Woodard & Co. Asset Management Group Inc. ADV acquired a new stake in Harris in the fourth quarter valued at $134,000. Tower Research Capital LLC TRC grew its holdings in 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 during the last quarter. Calton & Associates Inc. acquired a new stake in Harris in the fourth quarter valued at $180,000. First National Bank & Trust Co. of Newtown acquired a new stake in Harris in the fourth quarter valued at $200,000. Finally, Koshinski Asset Management Inc. acquired a new stake in Harris in the fourth quarter valued at $203,000. 84.93% of the stock is currently owned by hedge funds and other institutional investors.
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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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