ValuEngine Downgrades Harris Corporation (HRS) to Hold
ValuEngine cut shares of Harris Corporation (NYSE:HRS) from a buy rating to a hold rating in a research note released on Monday, October 2nd.
A number of other analysts have also issued reports on HRS. BidaskClub raised shares of Harris Corporation from a hold rating to a buy rating in a research report on Saturday, August 5th. Zacks Investment Research raised shares of Harris Corporation from a sell rating to a hold rating in a research report on Tuesday, September 19th. Jefferies Group LLC reiterated a buy rating and set a $135.00 price target on shares of Harris Corporation in a report on Thursday, September 21st. Finally, Cowen and Company reiterated a buy rating and set a $125.00 price target on shares of Harris Corporation in a report on Tuesday, August 1st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $128.00.
Harris Corporation (NYSE HRS) traded down 0.04% during midday trading on Monday, reaching $136.56. 397,299 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $128.72 and its 200-day moving average price is $116.37. Harris Corporation has a 1-year low of $88.89 and a 1-year high of $137.16. The company has a market capitalization of $16.35 billion, a PE ratio of 30.78 and a beta of 1.18.
Harris Corporation (NYSE:HRS) last announced its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, hitting the consensus estimate of $1.49. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the company posted $1.45 earnings per share. Equities analysts expect that Harris Corporation will post $6.01 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Friday, September 8th were issued a dividend of $0.57 per share. The ex-dividend date was Thursday, September 7th. This is a boost from Harris Corporation’s previous quarterly dividend of $0.53. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.67%. Harris Corporation’s dividend payout ratio (DPR) is presently 51.47%.
In other news, SVP Sheldon J. Fox sold 50,300 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the completion of the transaction, the senior vice president now directly owns 73,092 shares in the company, valued at approximately $8,642,398.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the transaction, the insider now 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 three months, insiders have sold 72,357 shares of company stock valued at $8,643,111. Company insiders own 1.91% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Harwood Advisory Group LLC grew its position in shares of Harris Corporation by 0.4% in the 2nd quarter. Harwood Advisory Group LLC now owns 2,119 shares of the communications equipment provider’s stock valued at $231,000 after purchasing an additional 9 shares during the period. EP Wealth Advisors LLC lifted its stake in Harris Corporation by 1.0% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,875 shares of the communications equipment provider’s stock valued at $205,000 after acquiring an additional 19 shares in the last quarter. Cleararc Capital Inc. lifted its stake in Harris Corporation by 0.8% in the 1st quarter. Cleararc Capital Inc. now owns 3,047 shares of the communications equipment provider’s stock valued at $339,000 after acquiring an additional 23 shares in the last quarter. Blue Chip Partners Inc. lifted its stake in Harris Corporation by 1.0% in the 2nd quarter. Blue Chip Partners Inc. now owns 2,729 shares of the communications equipment provider’s stock valued at $298,000 after acquiring an additional 26 shares in the last quarter. Finally, Thrivent Financial For Lutherans lifted its stake in Harris Corporation by 0.6% in the 2nd quarter. Thrivent Financial For Lutherans now owns 4,685 shares of the communications equipment provider’s stock valued at $511,000 after acquiring an additional 30 shares in the last quarter. Institutional investors and hedge funds own 84.99% of the company’s stock.
Harris Corporation Company Profile
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