Harris (HRS) Hits New 52-Week High After Analyst Upgrade

Harris Co. (NYSE:HRS) hit a new 52-week high during mid-day trading on Thursday after Barclays raised their price target on the stock from $180.00 to $205.00. Barclays currently has an overweight rating on the stock. Harris traded as high as $185.24 and last traded at $184.07, with a volume of 510302 shares. The stock had previously closed at $182.12.

Other equities research analysts have also recently issued research reports about the stock. ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th. Cowen reissued a “buy” rating and set a $194.00 price target on shares of Harris in a research report on Thursday, February 7th. Zacks Investment Research raised shares of Harris from a “hold” rating to a “buy” rating and set a $174.00 price target on the stock in a research report on Thursday, January 31st. Raymond James boosted their price target on shares of Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, May 2nd. Finally, Argus boosted their price target on shares of Harris from $170.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 30th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $196.13.

In related news, SVP Robert L. Duffy sold 9,124 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $179.99, for a total value of $1,642,228.76. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William H. Gattle sold 5,131 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $178.71, for a total transaction of $916,961.01. The disclosure for this sale can be found here. Insiders own 2.51% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Greenwood Capital Associates LLC purchased a new stake in shares of Harris during the first quarter worth approximately $271,000. Town & Country Bank & Trust CO dba First Bankers Trust CO raised its position in Harris by 99.7% in the fourth quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 11,880 shares of the communications equipment provider’s stock worth $1,600,000 after acquiring an additional 5,930 shares in the last quarter. TD Asset Management Inc. raised its position in Harris by 1.0% in the fourth quarter. TD Asset Management Inc. now owns 264,993 shares of the communications equipment provider’s stock worth $35,681,000 after acquiring an additional 2,528 shares in the last quarter. Weatherstone Capital Management raised its position in Harris by 2.8% in the first quarter. Weatherstone Capital Management now owns 2,756 shares of the communications equipment provider’s stock worth $440,000 after acquiring an additional 74 shares in the last quarter. Finally, Nachman Norwood & Parrott Inc purchased a new position in Harris in the fourth quarter worth $559,000. Hedge funds and other institutional investors own 92.65% of the company’s stock.

The stock has a market capitalization of $21.44 billion, a PE ratio of 28.32, a price-to-earnings-growth ratio of 2.78 and a beta of 1.23. The company has a quick ratio of 1.15, a current ratio of 1.42 and a debt-to-equity ratio of 0.95.

Harris (NYSE:HRS) last released its quarterly earnings data on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.04 by $0.07. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. Harris’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.67 earnings per share. As a group, analysts expect that Harris Co. will post 8.15 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th will be given a $0.685 dividend. This represents a $2.74 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Thursday, May 16th. Harris’s payout ratio is 42.15%.

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Harris Company Profile (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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