Harris (HRS) Hits New 52-Week High and Low at $169.53

Harris Co. (NYSE:HRS) reached a new 52-week high and low on Friday . The company traded as low as $169.53 and last traded at $168.09, with a volume of 196638 shares changing hands. The stock had previously closed at $168.86.

A number of research firms have recently weighed in on HRS. Zacks Investment Research lowered Harris from a “hold” rating to a “sell” rating in a research note on Tuesday. Citigroup boosted their target price on Harris from $160.00 to $183.00 and gave the company a “buy” rating in a research note on Tuesday, April 10th. Barclays started coverage on Harris in a report on Thursday, March 29th. They set an “equal weight” rating and a $173.00 price target on the stock. Argus started coverage on Harris in a report on Wednesday, April 4th. They set a “buy” rating and a $196.00 price target on the stock. Finally, Credit Suisse Group boosted their price target on Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $169.33.

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The firm has a market cap of $19,979.85, a PE ratio of 30.48, a PEG ratio of 4.36 and a beta of 1.27. The company has a quick ratio of 0.68, a current ratio of 1.22 and a debt-to-equity ratio of 1.13.

Harris (NYSE:HRS) last announced its quarterly earnings results on Tuesday, January 30th. The communications equipment provider reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.28. Harris had a return on equity of 24.49% and a net margin of 8.63%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the business earned $1.38 EPS. Harris’s revenue was up 5.9% compared to the same quarter last year. analysts forecast that Harris Co. will post 6.44 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 21st. Shareholders of record on Thursday, March 8th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Wednesday, March 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.36%. Harris’s dividend payout ratio (DPR) is 41.23%.

In other Harris news, SVP Dana A. Mehnert sold 51,200 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Sheldon J. Fox sold 8,682 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $156.00, for a total value of $1,354,392.00. Following the transaction, 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. Insiders have sold a total of 79,882 shares of company stock worth $12,221,320 in the last quarter. Company insiders own 1.91% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Woodard & Co. Asset Management Group Inc. ADV purchased a new position in shares of Harris during the 4th quarter worth approximately $134,000. Tower Research Capital LLC TRC boosted its position in shares of Harris by 980.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,243 shares of the communications equipment provider’s stock worth $176,000 after purchasing an additional 1,128 shares in the last quarter. Calton & Associates Inc. bought a new stake in shares of Harris in the 4th quarter worth approximately $180,000. First National Bank & Trust Co. of Newtown bought a new stake in shares of Harris in the 4th quarter worth approximately $200,000. Finally, Koshinski Asset Management Inc. bought a new stake in shares of Harris in the 4th quarter worth approximately $203,000. Hedge funds and other institutional investors own 84.93% 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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