Harris Corporation (NYSE:HRS)‘s stock had its “buy” rating reiterated by equities researchers at Cowen and Company in a research report issued to clients and investors on Thursday. They currently have a $150.00 price target on the communications equipment provider’s stock. Cowen and Company’s price target points to a potential upside of 9.71% from the company’s previous close.
A number of other research analysts also recently weighed in on the company. Credit Suisse Group began coverage on Harris Corporation in a research note on Monday, August 28th. They set an “outperform” rating and a $144.00 price target on the stock. Zacks Investment Research lowered Harris Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $135.00 target price (up from $125.00) on shares of Harris Corporation in a report on Friday, July 14th. BidaskClub raised Harris Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, ValuEngine raised Harris Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Two analysts have rated the stock with a hold rating and seven 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 $133.86.
Harris Corporation (HRS) opened at 136.73 on Thursday. The firm has a market cap of $16.38 billion, a price-to-earnings ratio of 30.82 and a beta of 1.18. The firm has a 50-day moving average price of $130.76 and a 200 day moving average price of $117.25. Harris Corporation has a 1-year low of $88.89 and a 1-year high of $137.17.
Harris Corporation (NYSE:HRS) last announced its quarterly earnings data on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.49. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The firm’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.45 EPS. Equities analysts predict that Harris Corporation will post $6.01 earnings per share for the current year.
In other Harris Corporation news, insider Christopher D. Young sold 4,070 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $118.93, for a total transaction of $484,045.10. Following the sale, the insider now owns 46,131 shares in the company, valued at $5,486,359.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Sheldon J. Fox sold 50,300 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $118.24, for a total value of $5,947,472.00. Following the sale, the senior vice president now owns 73,092 shares in the company, valued at approximately $8,642,398.08. The disclosure for this sale can be found here. Insiders sold 72,357 shares of company stock worth $8,643,111 in the last quarter. 1.91% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Engineers Gate Manager LP purchased a new stake in Harris Corporation during the second quarter valued at about $2,342,000. Dimensional Fund Advisors LP raised its position in Harris Corporation by 11.3% during the first quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock valued at $65,744,000 after purchasing an additional 59,933 shares in the last quarter. Prudential PLC raised its position in Harris Corporation by 25.5% during the second quarter. Prudential PLC now owns 81,028 shares of the communications equipment provider’s stock valued at $8,839,000 after purchasing an additional 16,476 shares in the last quarter. Bank of Montreal Can raised its position in Harris Corporation by 39.2% during the second quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock valued at $13,403,000 after purchasing an additional 34,614 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Harris Corporation during the second quarter valued at about $2,368,000. Institutional investors and hedge funds own 84.98% of the company’s stock.
About Harris Corporation
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