Harris (HRS) Upgraded to Buy at ValuEngine

ValuEngine upgraded shares of Harris (NYSE:HRS) from a hold rating to a buy rating in a research report sent to investors on Sunday morning.

A number of other analysts have also weighed in on HRS. Cowen restated a buy rating and set a $134.00 target price (up from $125.00) on shares of Harris in a research note on Tuesday, September 12th. Zacks Investment Research upgraded shares of Harris from a sell rating to a hold rating in a research note on Tuesday, September 19th. Jefferies Group reiterated a buy rating and issued a $135.00 price target on shares of Harris in a research note on Thursday, September 21st. Seaport Global Securities reiterated a buy rating and issued a $145.00 price target (up from $135.00) on shares of Harris in a research note on Monday, October 9th. Finally, Credit Suisse Group reiterated an outperform rating and issued a $155.00 price target (up from $144.00) on shares of Harris in a research note on Wednesday, November 1st. They noted that the move was a valuation call. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $145.43.

Harris (NYSE:HRS) traded up $0.75 during mid-day trading on Friday, hitting $142.82. 766,300 shares of the company were exchanged, compared to its average volume of 849,350. The company has a debt-to-equity ratio of 1.14, a current ratio of 1.11 and a quick ratio of 0.64. Harris has a 12-month low of $99.13 and a 12-month high of $144.94. The stock has a market capitalization of $16,934.83, a price-to-earnings ratio of 31.88, a price-to-earnings-growth ratio of 3.39 and a beta of 1.13.

Harris (NYSE:HRS) last released its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.03. Harris had a net margin of 9.02% and a return on equity of 23.36%. The firm had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the firm earned $1.28 earnings per share. The business’s quarterly revenue was down .5% compared to the same quarter last year. sell-side analysts forecast that Harris will post 5.99 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. grew its position in shares of Harris by 9.9% during the second quarter. Robeco Institutional Asset Management B.V. now owns 22,112 shares of the communications equipment provider’s stock worth $2,413,000 after acquiring an additional 1,996 shares during the last quarter. Neuberger Berman Group LLC grew its position in shares of Harris by 15.1% during the second quarter. Neuberger Berman Group LLC now owns 156,686 shares of the communications equipment provider’s stock worth $17,091,000 after acquiring an additional 20,513 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Harris by 90.1% during the second quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock worth $73,710,000 after acquiring an additional 320,216 shares during the last quarter. Commerce Bank grew its position in shares of Harris by 22.3% during the second quarter. Commerce Bank now owns 3,612 shares of the communications equipment provider’s stock worth $394,000 after acquiring an additional 659 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of Harris by 3.3% during the second quarter. Swiss National Bank now owns 454,756 shares of the communications equipment provider’s stock worth $49,605,000 after acquiring an additional 14,400 shares during the last quarter. Institutional investors own 84.28% of the company’s stock.

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