Harris Co. (HRS) Given Consensus Rating of “Buy” by Brokerages

Shares of Harris Co. (NYSE:HRS) have received an average recommendation of “Buy” from the nine ratings firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $190.63.

Several research analysts have issued reports on HRS shares. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Cowen reissued a “buy” rating and issued a $194.00 target price on shares of Harris in a research report on Thursday, February 7th. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $174.00 target price on the stock in a research report on Thursday, January 31st. Raymond James raised their target price on Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Finally, Argus raised their target price on Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 30th.

In other Harris news, insider William H. Gattle sold 5,131 shares of Harris stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $178.71, for a total value of $916,961.01. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Robert L. Duffy sold 9,124 shares of Harris stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $179.99, for a total value of $1,642,228.76. The disclosure for this sale can be found here. 2.51% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in HRS. ExodusPoint Capital Management LP bought a new position in shares of Harris during the 1st quarter valued at approximately $527,000. Ellington Management Group LLC purchased a new position in Harris during the 1st quarter valued at $495,000. Utah Retirement Systems boosted its holdings in Harris by 1.4% during the 1st quarter. Utah Retirement Systems now owns 22,420 shares of the communications equipment provider’s stock valued at $3,580,000 after acquiring an additional 304 shares during the period. National Pension Service boosted its holdings in Harris by 4.2% during the 1st quarter. National Pension Service now owns 144,199 shares of the communications equipment provider’s stock valued at $23,030,000 after acquiring an additional 5,848 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in Harris by 1.9% during the 1st quarter. Hsbc Holdings PLC now owns 95,693 shares of the communications equipment provider’s stock valued at $15,283,000 after acquiring an additional 1,823 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

NYSE HRS traded up $2.39 during trading hours on Friday, hitting $184.51. The company’s stock had a trading volume of 566,056 shares, compared to its average volume of 934,122. Harris has a 12 month low of $123.24 and a 12 month high of $183.12. The company has a market capitalization of $21.44 billion, a price-to-earnings ratio of 28.39, a PEG ratio of 2.78 and a beta of 1.23. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.15 and a current ratio of 1.42.

Harris (NYSE:HRS) last announced its earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.07. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $1.67 earnings per share. On average, equities analysts predict that Harris will post 8.15 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Friday, May 17th will be paid a dividend of $0.685 per share. This represents a $2.74 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Thursday, May 16th. Harris’s dividend payout ratio (DPR) is presently 42.15%.

Harris Company Profile

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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Analyst Recommendations for Harris (NYSE:HRS)

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