Harris Corporation (HRS) Downgraded by BidaskClub to “Hold”

Harris Corporation (NYSE:HRS) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Monday, July 24th.

Several other equities research analysts have also recently commented on the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $135.00 price objective (up from $125.00) on shares of Harris Corporation in a research report on Friday, July 14th. Cowen and Company reaffirmed a “buy” rating and set a $125.00 price objective on shares of Harris Corporation in a research report on Thursday, July 6th. Zacks Investment Research cut Harris Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. ValuEngine raised Harris Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Barclays PLC cut Harris Corporation from an “overweight” rating to an “equal weight” rating and set a $110.00 target price on the stock. in a research report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $113.29.

Shares of Harris Corporation (NYSE:HRS) opened at 118.71 on Monday. The stock’s 50 day moving average price is $115.34 and its 200-day moving average price is $111.14. The company has a market capitalization of $14.28 billion, a PE ratio of 26.76 and a beta of 1.22. Harris Corporation has a 1-year low of $88.89 and a 1-year high of $121.27.

Harris Corporation (NYSE:HRS) last released its quarterly earnings data on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, meeting the consensus estimate of $1.49. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same period last year, the firm posted $1.45 earnings per share. Harris Corporation’s revenue was up .6% compared to the same quarter last year. On average, equities analysts predict that Harris Corporation will post $6.00 EPS for the current year.

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In other news, insider Christopher D. Young sold 4,070 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the transaction, the insider now owns 46,131 shares of the company’s stock, valued at $5,486,359.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert L. Duffy sold 33,600 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total value of $3,763,536.00. Following the completion of the transaction, the senior vice president now directly owns 50,311 shares in the company, valued at approximately $5,635,335.11. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Trust Co. of Vermont increased its position in Harris Corporation by 20.6% in the second quarter. Trust Co. of Vermont now owns 919 shares of the communications equipment provider’s stock valued at $100,000 after buying an additional 157 shares during the period. BB&T Investment Services Inc. bought a new position in Harris Corporation during the second quarter valued at approximately $113,000. Northwestern Mutual Wealth Management Co. increased its position in Harris Corporation by 110.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,205 shares of the communications equipment provider’s stock valued at $131,000 after buying an additional 632 shares during the period. Contravisory Investment Management Inc. increased its position in Harris Corporation by 303.3% in the first quarter. Contravisory Investment Management Inc. now owns 1,222 shares of the communications equipment provider’s stock valued at $136,000 after buying an additional 919 shares during the period. Finally, BT Investment Management Ltd bought a new position in Harris Corporation during the second quarter valued at approximately $157,000. 83.60% of the stock is currently owned by hedge funds and other institutional investors.

Harris Corporation Company Profile

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