Harris (HRS) PT Lowered to $161.00

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Harris (NYSE:HRS) had its price objective cut by Barclays from $181.00 to $161.00 in a report published on Tuesday. They currently have an overweight rating on the communications equipment provider’s stock.

Several other research analysts have also recently weighed in on the stock. ValuEngine cut shares of Harris from a buy rating to a hold rating in a report on Saturday, December 1st. Raymond James boosted their price target on shares of Harris from $180.00 to $190.00 and gave the stock an outperform rating in a report on Tuesday, October 16th. Credit Suisse Group boosted their price target on shares of Harris from $190.00 to $209.00 and gave the stock an outperform rating in a report on Monday, October 15th. Argus boosted their price target on shares of Harris to $190.00 and gave the stock a buy rating in a report on Thursday, August 16th. Finally, UBS Group assumed coverage on shares of Harris in a report on Wednesday, August 15th. They set a neutral rating and a $175.00 price target on the stock. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Harris presently has an average rating of Buy and a consensus price target of $180.89.

Harris stock opened at $139.40 on Tuesday. Harris has a fifty-two week low of $134.30 and a fifty-two week high of $175.50. The stock has a market cap of $16.44 billion, a P/E ratio of 21.45 and a beta of 1.27. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.96 and a current ratio of 1.17.

Harris (NYSE:HRS) last released its quarterly earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.06. Harris had a net margin of 12.20% and a return on equity of 26.39%. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the previous year, the company earned $1.38 earnings per share. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts anticipate that Harris will post 7.86 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 7th. Shareholders of record on Friday, November 23rd were paid a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Wednesday, November 21st. Harris’s payout ratio is 42.15%.

In other Harris news, SVP Scott T. Mikuen sold 3,903 shares of the business’s stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total value of $627,407.25. Following the transaction, the senior vice president now directly owns 47,243 shares in the company, valued at $7,594,312.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 26,311 shares of the business’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the completion of the transaction, the insider now owns 1,286 shares in the company, valued at $209,360.80. The disclosure for this sale can be found here. 2.51% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HRS. Janus Henderson Group PLC lifted its stake in shares of Harris by 14.1% during the 2nd quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock valued at $440,918,000 after buying an additional 377,269 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of Harris by 5,847.4% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 318,898 shares of the communications equipment provider’s stock valued at $53,961,000 after buying an additional 313,536 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Harris by 3,472.2% during the 3rd quarter. Franklin Resources Inc. now owns 209,119 shares of the communications equipment provider’s stock valued at $35,384,000 after buying an additional 203,265 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Harris by 231.4% during the 3rd quarter. Renaissance Technologies LLC now owns 275,059 shares of the communications equipment provider’s stock valued at $46,543,000 after buying an additional 192,059 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Harris by 15.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,344,309 shares of the communications equipment provider’s stock valued at $227,471,000 after buying an additional 178,395 shares in the last quarter. Hedge funds and other institutional investors own 84.93% of the company’s stock.

About Harris

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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