Harris Target of Unusually High Options Trading (HRS)

Harris Corporation (NYSE:HRS) was the recipient of unusually large options trading on Friday. Traders acquired 777 put options on the stock. This represents an increase of 1,114% compared to the typical volume of 64 put options.

Hedge funds have recently modified their holdings of the company. BB&T Investment Services Inc. acquired a new position in shares of Harris during the second quarter worth approximately $113,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Harris by 110.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock worth $131,000 after buying an additional 632 shares during the last quarter. BT Investment Management Ltd acquired a new position in shares of Harris during the second quarter worth approximately $157,000. Stephens Inc. AR acquired a new position in shares of Harris during the second quarter worth approximately $167,000. Finally, Ropes Wealth Advisors LLC lifted its holdings in shares of Harris by 5.4% during the second quarter. Ropes Wealth Advisors LLC now owns 1,635 shares of the communications equipment provider’s stock worth $178,000 after buying an additional 84 shares during the last quarter. Institutional investors own 84.28% of the company’s stock.

Harris (HRS) opened at $143.74 on Monday. Harris has a 1-year low of $99.13 and a 1-year high of $144.94. The company has a market capitalization of $17,130.00, a P/E ratio of 26.87, a PEG ratio of 3.43 and a beta of 1.13. The company has a current ratio of 1.11, a quick ratio of 0.64 and a debt-to-equity ratio of 1.14.

Harris (NYSE:HRS) last issued its quarterly earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.03. Harris had a return on equity of 23.36% and a net margin of 9.02%. The company had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the company earned $1.28 earnings per share. The company’s quarterly revenue was down .5% compared to the same quarter last year. equities research analysts anticipate that Harris will post 5.99 EPS for the current year.

Several research firms recently weighed in on HRS. Cowen restated a “buy” rating and issued a $150.00 target price on shares of Harris in a report on Tuesday, October 31st. Zacks Investment Research lowered Harris from a “buy” rating to a “hold” rating in a report on Thursday. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. JPMorgan Chase & Co. boosted their target price on Harris from $138.00 to $148.00 and gave the stock an “overweight” rating in a report on Wednesday, November 1st. Finally, Jefferies Group restated a “buy” rating and issued a $135.00 target price on shares of Harris in a report on Thursday, September 21st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Harris presently has an average rating of “Buy” and a consensus price target of $145.43.

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