Harris (HRS) Sees Strong Trading Volume

Harris Corporation (NYSE:HRS) shares saw an uptick in trading volume on Friday . 2,392,392 shares were traded during mid-day trading, an increase of 219% from the previous session’s volume of 749,506 shares.The stock last traded at $144.09 and had previously closed at $141.27.

Several brokerages recently issued reports on HRS. Cowen reiterated a “buy” rating and issued a $150.00 target price on shares of Harris in a research note on Tuesday, October 31st. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a research note on Tuesday, October 3rd. ValuEngine downgraded shares of Harris from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. J P Morgan Chase & Co raised their price objective on shares of Harris from $138.00 to $148.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Finally, Jefferies Group restated a “buy” rating and set a $135.00 price objective on shares of Harris in a research report on Thursday, September 21st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $145.43.

The company has a market cap of $17,180.00, a price-to-earnings ratio of 25.03, a P/E/G ratio of 3.38 and a beta of 1.12. The company has a quick ratio of 0.64, a current ratio of 1.11 and a debt-to-equity ratio of 1.14.

Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. Harris had a net margin of 9.02% and a return on equity of 23.36%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same period last year, the firm posted $1.28 earnings per share. equities analysts expect that Harris Corporation will post 5.99 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were paid a $0.57 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.28 dividend on an annualized basis and a yield of 1.58%. Harris’s dividend payout ratio (DPR) is 42.62%.

A number of large investors have recently made changes to their positions in HRS. Prudential PLC boosted its position in Harris by 25.5% in the second quarter. Prudential PLC now owns 81,028 shares of the communications equipment provider’s stock valued at $8,839,000 after buying an additional 16,476 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Harris in the second quarter valued at approximately $2,342,000. OMERS ADMINISTRATION Corp acquired a new stake in Harris in the second quarter valued at approximately $2,368,000. Principal Financial Group Inc. boosted its position in Harris by 90.1% in the second quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock valued at $73,710,000 after buying an additional 320,216 shares in the last quarter. Finally, Amalgamated Bank boosted its position in Harris by 58.9% in the second quarter. Amalgamated Bank now owns 13,916 shares of the communications equipment provider’s stock valued at $1,518,000 after buying an additional 5,159 shares in the last quarter. 84.41% of the stock is currently owned by institutional investors and hedge funds.

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