Stock Traders Buy Large Volume of Harris Put Options (HRS)

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Harris Co. (NYSE:HRS) was the target of unusually large options trading on Tuesday. Stock traders bought 2,145 put options on the stock. This is an increase of approximately 1,249% compared to the average daily volume of 159 put options.

In other Harris news, SVP Scott T. Mikuen sold 3,903 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total value of $627,407.25. Following the completion of the sale, the senior vice president now owns 47,243 shares of the company’s stock, valued at $7,594,312.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $162.80, for a total value of $4,283,430.80. Following the completion of the sale, the insider now directly owns 1,286 shares of the company’s stock, valued at approximately $209,360.80. The disclosure for this sale can be found here. Insiders have sold 94,712 shares of company stock valued at $15,407,341 in the last ninety days. 2.51% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Arizona State Retirement System lifted its holdings in shares of Harris by 0.7% in the third quarter. Arizona State Retirement System now owns 91,601 shares of the communications equipment provider’s stock valued at $15,500,000 after purchasing an additional 637 shares in the last quarter. Checchi Capital Advisers LLC bought a new position in shares of Harris in the third quarter valued at approximately $221,000. Oppenheimer & Co. Inc. lifted its holdings in Harris by 3.2% during the third quarter. Oppenheimer & Co. Inc. now owns 41,223 shares of the communications equipment provider’s stock worth $6,976,000 after acquiring an additional 1,276 shares during the period. Congress Asset Management Co. MA lifted its holdings in Harris by 0.9% during the third quarter. Congress Asset Management Co. MA now owns 41,535 shares of the communications equipment provider’s stock worth $7,028,000 after acquiring an additional 376 shares during the period. Finally, Alps Advisors Inc. bought a new stake in Harris during the third quarter worth $583,000. Institutional investors own 85.70% of the company’s stock.

A number of equities research analysts have commented on the company. Argus raised their price objective on Harris to $190.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Raymond James raised their price objective on Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research note on Tuesday, October 16th. Credit Suisse Group raised their price objective on Harris from $175.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. Finally, UBS Group assumed coverage on Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective for the company. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Harris presently has an average rating of “Buy” and a consensus price target of $176.82.

Shares of Harris stock opened at $150.85 on Wednesday. The company has a quick ratio of 0.73, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. Harris has a 52 week low of $135.21 and a 52 week high of $175.50. The company has a market capitalization of $18.92 billion, a price-to-earnings ratio of 23.21, a PEG ratio of 3.11 and a beta of 1.20.

Harris (NYSE:HRS) last posted its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.06. Harris had a return on equity of 26.59% and a net margin of 12.20%. The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the company earned $1.38 earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts predict that Harris will post 7.86 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be issued a $0.685 dividend. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.82%. Harris’s dividend payout ratio is presently 42.15%.

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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