Harris (NYSE:HRS) Sets New 1-Year High at $200.57

Harris Co. (NYSE:HRS)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $200.57 and last traded at $199.64, with a volume of 41290 shares traded. The stock had previously closed at $198.21.

A number of research firms have recently commented on HRS. Barclays raised their price objective on Harris from $205.00 to $245.00 and gave the stock an “overweight” rating in a report on Wednesday, May 29th. Raymond James raised their target price on Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Argus raised their target price on Harris to $200.00 and gave the company a “positive” rating in a report on Wednesday, May 8th. Finally, Zacks Investment Research downgraded Harris from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $201.13.

The firm has a market cap of $23.14 billion, a P/E ratio of 28.95, a PEG ratio of 3.04 and a beta of 1.02. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.42 and a quick ratio of 1.15.

Harris (NYSE:HRS) last announced its earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 EPS for the quarter, beating the consensus estimate of $2.04 by $0.07. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $1.67 EPS. Analysts expect that Harris Co. will post 8.15 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th were paid a dividend of $0.685 per share. The ex-dividend date was Thursday, May 16th. This represents a $2.74 dividend on an annualized basis and a yield of 1.46%. Harris’s dividend payout ratio (DPR) is presently 42.15%.

In other Harris news, insider William H. Gattle sold 5,131 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $178.71, for a total transaction of $916,961.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert L. Duffy sold 9,124 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $179.99, for a total value of $1,642,228.76. The disclosure for this sale can be found here. 2.51% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Cresset Asset Management LLC acquired a new stake in Harris during the 1st quarter valued at approximately $36,000. Oppenheimer Asset Management Inc. acquired a new stake in Harris during the 4th quarter valued at approximately $31,000. Sonora Investment Management LLC acquired a new stake in Harris during the 1st quarter valued at approximately $46,000. Bronfman E.L. Rothschild L.P. grew its stake in Harris by 48.8% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 308 shares of the communications equipment provider’s stock valued at $41,000 after purchasing an additional 101 shares in the last quarter. Finally, Destination Wealth Management acquired a new stake in Harris during the 1st quarter valued at approximately $52,000. Hedge funds and other institutional investors own 97.28% of the company’s stock.

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About Harris (NYSE:HRS)

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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