Harris Sees Unusually Large Options Volume (HRS)

Harris Co. (NYSE:HRS) was the recipient of unusually large options trading activity on Thursday. Stock traders acquired 13,503 call options on the company. This is an increase of 4,493% compared to the average volume of 294 call options.

Shares of Harris stock opened at $150.01 on Friday. The stock has a market capitalization of $17.75 billion, a P/E ratio of 21.86, a PEG ratio of 3.20 and a beta of 1.20. Harris has a 1 year low of $135.95 and a 1 year high of $175.50. The company has a current ratio of 1.17, a quick ratio of 0.73 and a debt-to-equity ratio of 1.05.

Harris (NYSE:HRS) last announced its quarterly earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.06. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. Harris’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.38 EPS. As a group, analysts expect that Harris will post 7.86 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be paid a dividend of $0.685 per share. This represents a $2.74 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend is Wednesday, November 21st. Harris’s dividend payout ratio is currently 42.15%.

In related news, SVP Sheldon J. Fox sold 45,800 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total value of $7,471,354.00. Following the transaction, the senior vice president now owns 95,448 shares in the company, valued at approximately $15,570,432.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the completion of the transaction, the insider now owns 1,286 shares in the company, valued at approximately $209,360.80. The disclosure for this sale can be found here. Insiders sold a total of 94,712 shares of company stock worth $15,407,341 over the last ninety days. Insiders own 2.51% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Copeland Capital Management LLC lifted its stake in Harris by 0.7% during the 3rd quarter. Copeland Capital Management LLC now owns 97,067 shares of the communications equipment provider’s stock valued at $16,425,000 after acquiring an additional 662 shares during the period. TD Asset Management Inc. lifted its stake in Harris by 11.8% during the 3rd quarter. TD Asset Management Inc. now owns 262,465 shares of the communications equipment provider’s stock valued at $44,411,000 after acquiring an additional 27,650 shares during the period. Private Advisor Group LLC lifted its stake in Harris by 75.6% during the 3rd quarter. Private Advisor Group LLC now owns 3,035 shares of the communications equipment provider’s stock valued at $513,000 after acquiring an additional 1,307 shares during the period. Engineers Gate Manager LP bought a new position in Harris during the 3rd quarter valued at about $1,037,000. Finally, Sterling Capital Management LLC lifted its stake in Harris by 0.4% during the 3rd quarter. Sterling Capital Management LLC now owns 82,375 shares of the communications equipment provider’s stock valued at $13,939,000 after acquiring an additional 353 shares during the period. Institutional investors and hedge funds own 85.70% of the company’s stock.

A number of equities analysts recently issued reports on the stock. Argus upped their price target on shares of Harris to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Raymond James upped their price target on shares of Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 16th. Credit Suisse Group upped their price target on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Finally, UBS Group assumed coverage on shares of Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $182.22.

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, 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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