Brokerages Set Harris Co. (HRS) Target Price at $104.00

Harris Co. (NYSE:HRS) has been assigned an average rating of “Buy” from the nine ratings firms that are currently covering the firm. One investment analyst has rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $103.33.

Several research analysts have commented on HRS shares. Zacks Investment Research lowered shares of Harris from a “buy” rating to a “hold” rating in a report on Monday, February 6th. Jefferies Group LLC set a $120.00 price objective on shares of Harris and gave the stock a “buy” rating in a report on Thursday, March 16th.

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In related news, Director James F. Albaugh purchased 1,000 shares of the company’s stock in a transaction dated Thursday, February 9th. The shares were purchased at an average price of $104.99 per share, with a total value of $104,990.00. Following the acquisition, the director now directly owns 825 shares in the company, valued at approximately $86,616.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Dana A. Mehnert sold 99,400 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $104.64, for a total transaction of $10,401,216.00. Following the completion of the transaction, the senior vice president now directly owns 116,490 shares in the company, valued at approximately $12,189,513.60. The disclosure for this sale can be found here. Insiders have sold a total of 141,050 shares of company stock worth $14,882,228 over the last three months. 1.71% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the company. Somerset Trust Co boosted its stake in Harris by 3.4% in the third quarter. Somerset Trust Co now owns 13,119 shares of the communications equipment provider’s stock worth $1,202,000 after buying an additional 428 shares during the last quarter. CrestPoint Capital Management LLC boosted its stake in Harris by 77.8% in the third quarter. CrestPoint Capital Management LLC now owns 9,600 shares of the communications equipment provider’s stock worth $879,000 after buying an additional 4,200 shares during the last quarter. Peddock Capital Advisors LLC purchased a new stake in Harris during the third quarter worth approximately $168,000. National Pension Service boosted its stake in Harris by 9.3% in the third quarter. National Pension Service now owns 113,512 shares of the communications equipment provider’s stock worth $10,399,000 after buying an additional 9,666 shares during the last quarter. Finally, Capstone Asset Management Co. boosted its stake in Harris by 3.6% in the third quarter. Capstone Asset Management Co. now owns 25,830 shares of the communications equipment provider’s stock valued at $2,366,000 after buying an additional 900 shares during the last quarter. Institutional investors own 83.24% of the company’s stock.

Harris (NYSE:HRS) traded up 0.28% during midday trading on Wednesday, reaching $110.26. The company’s stock had a trading volume of 603,835 shares. Harris has a 52 week low of $73.32 and a 52 week high of $113.00. The firm has a 50 day moving average price of $110.57 and a 200-day moving average price of $103.54. The firm has a market cap of $13.72 billion, a P/E ratio of 20.87 and a beta of 1.27.

Harris (NYSE:HRS) last announced its quarterly earnings results on Thursday, February 2nd. The communications equipment provider reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.05. The business earned $1.70 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Harris had a net margin of 9.15% and a return on equity of 22.73%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.49 EPS. On average, analysts forecast that Harris will post $5.57 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 24th. Investors of record on Tuesday, March 14th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.93%. The ex-dividend date was Friday, March 10th. Harris’s dividend payout ratio (DPR) is 40.08%.

Harris Company Profile

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