Harris (NYSE:HRS) had its target price increased by Raymond James from $180.00 to $190.00 in a research note issued on Tuesday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the communications equipment provider’s stock. Raymond James’ price target would indicate a potential upside of 11.48% from the stock’s current price.
Several other equities research analysts have also commented on HRS. Zacks Investment Research lowered Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, July 3rd. Argus reduced their price objective on Harris from $196.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, July 5th. Credit Suisse Group upped their price objective on Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 1st. Seaport Global Securities restated a “buy” rating and issued a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. Finally, UBS Group initiated coverage on Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $176.82.
Shares of NYSE:HRS traded down $3.10 during midday trading on Tuesday, hitting $170.43. The company had a trading volume of 45,441 shares, compared to its average volume of 755,307. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 0.73. The firm has a market capitalization of $19.85 billion, a price-to-earnings ratio of 26.65, a price-to-earnings-growth ratio of 3.62 and a beta of 1.20. Harris has a 12-month low of $133.66 and a 12-month high of $175.50.
In other Harris news, SVP Scott T. Mikuen sold 3,903 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total value of $627,407.25. Following the completion of the sale, the senior vice president now owns 47,243 shares in the company, valued at approximately $7,594,312.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Edward J. Zoiss sold 26,311 shares of the stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $162.80, for a total value of $4,283,430.80. Following the completion of the sale, the insider now owns 1,286 shares of the company’s stock, valued at approximately $209,360.80. The disclosure for this sale can be found here. Insiders sold a total of 94,712 shares of company stock valued at $15,407,341 in the last quarter. 2.51% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the business. Fort L.P. purchased a new stake in Harris in the 2nd quarter worth $118,000. Winthrop Partners WNY LLC purchased a new stake in Harris in the 1st quarter worth $137,000. Accurate Investment Solutions Inc. purchased a new stake in Harris in the 2nd quarter worth $123,000. Daiwa SB Investments Ltd. purchased a new stake in Harris in the 2nd quarter worth $136,000. Finally, Cerebellum GP LLC boosted its holdings in shares of Harris by 2,067.3% during the 3rd quarter. Cerebellum GP LLC now owns 1,127 shares of the communications equipment provider’s stock valued at $191,000 after purchasing an additional 1,075 shares during the last quarter. Institutional investors and hedge funds own 85.74% of the company’s stock.
Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.
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