Harris (NYSE:HRS) had its price objective lifted by stock analysts at Barclays from $180.00 to $205.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The firm presently has an “overweight” rating on the communications equipment provider’s stock. Barclays‘s price target would indicate a potential upside of 11.63% from the company’s previous close.
Other research analysts have also issued research reports about the company. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th. Cowen reissued a “buy” rating and set a $194.00 price target on shares of Harris in a research note on Thursday, February 7th. Zacks Investment Research raised Harris from a “hold” rating to a “buy” rating and set a $174.00 price target on the stock in a research note on Thursday, January 31st. Raymond James increased their price target on Harris from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, May 2nd. Finally, Argus increased their price target on Harris from $170.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, January 30th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $196.13.
Shares of Harris stock traded down $0.73 during trading hours on Thursday, reaching $183.65. 909,628 shares of the company’s stock were exchanged, compared to its average volume of 1,019,235. Harris has a 52-week low of $123.24 and a 52-week high of $185.73. The firm has a market cap of $21.69 billion, a PE ratio of 28.25, a P/E/G ratio of 2.83 and a beta of 1.23. The company has a quick ratio of 1.15, a current ratio of 1.42 and a debt-to-equity ratio of 0.95.
Harris (NYSE:HRS) last issued its quarterly earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.07. Harris had a return on equity of 27.13% and a net margin of 13.60%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the company posted $1.67 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. Equities research analysts anticipate that Harris will post 8.15 EPS for the current year.
In related news, insider William H. Gattle sold 5,131 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $178.71, for a total value of $916,961.01. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Robert L. Duffy sold 9,124 shares of the stock in a transaction 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. Company insiders own 2.51% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer Asset Management Inc. purchased a new position in Harris in the fourth quarter valued at about $31,000. Cresset Asset Management LLC purchased a new position in Harris in the first quarter valued at about $36,000. Bronfman E.L. Rothschild L.P. raised its position in Harris by 48.8% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 308 shares of the communications equipment provider’s stock valued at $41,000 after purchasing an additional 101 shares during the period. Sonora Investment Management LLC purchased a new position in Harris in the first quarter valued at about $46,000. Finally, Destination Wealth Management purchased a new position in Harris in the first quarter valued at about $52,000. 92.65% of the stock is currently owned by institutional investors and hedge funds.
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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