Harris Corporation (HRS) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Harris Corporation (NYSE:HRS) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.
According to Zacks, “Shares of Harris Corporation have outperformed the industry it belongs to in the last three months. The company reported better than expected revenues in the fiscal fourth quarter. Moreover, earnings in the quarter improved year over year. Harris has an impressive dividend payment record. In Aug 2016, the company raised its quarterly dividend by 6%. The company now expects earnings per share (on an adjusted basis) for fiscal 2018 in the band of $5.85 to $6.05. It projects fiscal 2018 revenue in the band of $6.02–$6.14 billion. However, the company's fourth quarter fiscal 2017 revenues declined year over year. Though positive on the company's growth by acquisition strategy, we note that all acquisitions have integration risks associated with them. Moreover, weakness in international markets may result in lower-than-expected sales of tactical radio products. Harris' high debt levels also raise concerns.”
Several other equities analysts have also recently weighed in on HRS. BidaskClub raised shares of Harris Corporation from a hold rating to a buy rating in a research note on Saturday, August 5th. Jefferies Group LLC raised their target price on shares of Harris Corporation from $120.00 to $125.00 and gave the company a buy rating in a research note on Thursday, May 4th. Cowen and Company reissued a buy rating and issued a $125.00 target price on shares of Harris Corporation in a research note on Tuesday, August 1st. Barclays PLC cut shares of Harris Corporation from an overweight rating to an equal weight rating and set a $110.00 target price for the company. in a research note on Monday, May 1st. Finally, ValuEngine raised shares of Harris Corporation from a hold rating to a buy rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $113.29.
Harris Corporation (NYSE HRS) opened at 119.66 on Thursday. The stock has a market cap of $14.40 billion, a P/E ratio of 26.97 and a beta of 1.22. The stock has a 50 day moving average of $116.47 and a 200-day moving average of $111.69. Harris Corporation has a 52 week low of $88.89 and a 52 week high of $121.27.
Harris Corporation (NYSE:HRS) last released its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share for the quarter, meeting the consensus estimate of $1.49. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the business earned $1.45 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. Analysts forecast that Harris Corporation will post $6.00 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Shareholders of record on Friday, September 8th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 1.91%. This is a boost from Harris Corporation’s previous quarterly dividend of $0.53. Harris Corporation’s payout ratio is 47.86%.
In other Harris Corporation news, SVP Robert L. Duffy sold 33,600 shares of Harris Corporation stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $112.01, for a total transaction of $3,763,536.00. Following the completion of the transaction, the senior vice president now directly owns 50,311 shares of the company’s stock, valued at $5,635,335.11. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher D. Young sold 4,070 shares of Harris Corporation stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $118.93, for a total transaction of $484,045.10. Following the transaction, the insider now directly owns 46,131 shares of the company’s stock, valued at $5,486,359.83. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 87,970 shares of company stock valued at $10,195,053. Company insiders own 1.71% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in Harris Corporation by 11.3% in the first quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock worth $65,744,000 after buying an additional 59,933 shares during the period. Bank of Montreal Can increased its stake in Harris Corporation by 39.2% in the second quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock worth $13,403,000 after buying an additional 34,614 shares in the last quarter. BTIM Corp. purchased a new stake in Harris Corporation during the second quarter worth $435,000. Knights of Columbus Asset Advisors LLC purchased a new stake in Harris Corporation during the first quarter worth $1,458,000. Finally, Bank of Nova Scotia increased its stake in Harris Corporation by 946.4% in the first quarter. Bank of Nova Scotia now owns 28,473 shares of the communications equipment provider’s stock worth $3,168,000 after buying an additional 25,752 shares in the last quarter. 83.35% of the stock is owned by hedge funds and other institutional investors.
Harris Corporation Company Profile
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