Harris (HRS) Sets New 12-Month High and Low at $167.60

Harris Co. (NYSE:HRS)’s share price hit a new 52-week high and low during trading on Tuesday . The company traded as low as $167.60 and last traded at $166.47, with a volume of 175849 shares traded. The stock had previously closed at $165.18.

A number of equities analysts have recently commented on HRS shares. Citigroup boosted their price objective on Harris from $160.00 to $183.00 and gave the stock a “buy” rating in a research report on Tuesday, April 10th. Argus started coverage on Harris in a research report on Wednesday, April 4th. They set a “buy” rating and a $196.00 price objective for the company. Cowen reissued a “buy” rating and set a $170.00 price objective on shares of Harris in a research report on Tuesday, January 30th. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $165.00 price objective for the company in a research report on Thursday, January 18th. Finally, ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $169.33.

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The company has a quick ratio of 0.68, a current ratio of 1.22 and a debt-to-equity ratio of 1.13. The firm has a market cap of $19,823.13, a PE ratio of 28.20, a P/E/G ratio of 4.32 and a beta of 1.27.

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 the Zacks’ consensus estimate of $1.39 by $0.28. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.48 billion. Harris had a return on equity of 24.49% and a net margin of 8.63%. The firm’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 earnings per share. research analysts predict that Harris Co. will post 6.44 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 21st. Investors of record on Thursday, March 8th were issued a $0.57 dividend. 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 (DPR) is 41.23%.

In related news, 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 completion of the transaction, the senior vice president now directly owns 53,724 shares of the company’s stock, valued at $8,380,944. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Dana A. Mehnert sold 51,200 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The shares were sold at an average price of $153.19, for a total value of $7,843,328.00. The disclosure for this sale can be found here. Insiders sold 79,882 shares of company stock valued at $12,221,320 over the last ninety days. 1.91% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Oppenheimer & Co. Inc. lifted its stake in Harris by 0.8% in the fourth quarter. Oppenheimer & Co. Inc. now owns 43,853 shares of the communications equipment provider’s stock valued at $6,211,000 after buying an additional 343 shares during the last quarter. TIAA FSB lifted its stake in Harris by 1.1% in the fourth quarter. TIAA FSB now owns 31,987 shares of the communications equipment provider’s stock valued at $4,530,000 after buying an additional 348 shares during the last quarter. MML Investors Services LLC lifted its stake in Harris by 15.7% in the fourth quarter. MML Investors Services LLC now owns 2,985 shares of the communications equipment provider’s stock valued at $423,000 after buying an additional 406 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in Harris by 13.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,476 shares of the communications equipment provider’s stock valued at $492,000 after buying an additional 413 shares during the last quarter. Finally, Sentry Investment Management LLC lifted its stake in Harris by 5.0% in the fourth quarter. Sentry Investment Management LLC now owns 8,787 shares of the communications equipment provider’s stock valued at $1,245,000 after buying an additional 416 shares during the last quarter. Institutional investors own 84.93% of the company’s stock.

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About Harris

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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