Harris Corporation (NYSE:HRS) announced its quarterly earnings data on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.49, Bloomberg Earnings reports. 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 quarter in the prior year, the business posted $1.45 EPS. The business’s revenue was up .6% compared to the same quarter last year. Harris Corporation updated its FY18 guidance to $5.85-6.05 EPS.
Harris Corporation (NYSE:HRS) opened at 118.71 on Friday. The firm has a 50-day moving average price of $115.34 and a 200-day moving average price of $111.14. Harris Corporation has a one year low of $88.89 and a one year high of $121.27. The firm has a market capitalization of $14.28 billion, a price-to-earnings ratio of 26.76 and a beta of 1.22.
A number of research firms recently weighed in on HRS. Jefferies Group LLC increased their price target on Harris Corporation from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, May 4th. Cowen and Company restated a “buy” rating and issued a $125.00 price target on shares of Harris Corporation in a research note on Tuesday, August 1st. Zacks Investment Research cut Harris Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Barclays PLC cut Harris Corporation from an “overweight” rating to an “equal weight” rating and set a $110.00 price target on the stock. in a research note on Monday, May 1st. Finally, BidaskClub raised Harris Corporation from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. Harris Corporation presently has a consensus rating of “Buy” and a consensus price target of $113.29.
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In related news, SVP Robert L. Duffy sold 33,600 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total transaction 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 $5,635,335.11. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Christopher D. Young sold 4,070 shares of the company’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 completion of the transaction, the insider now owns 46,131 shares of the company’s stock, valued at $5,486,359.83. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Harris Corporation by 11.3% in the first quarter. Dimensional Fund Advisors LP now owns 590,844 shares of the communications equipment provider’s stock worth $65,744,000 after buying an additional 59,933 shares during the last quarter. Bank of Montreal Can raised its position in shares of Harris Corporation by 39.2% in the second quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock valued at $13,403,000 after buying an additional 34,614 shares in the last quarter. Knights of Columbus Asset Advisors LLC purchased a new position in shares of Harris Corporation during the first quarter valued at about $1,458,000. Bank of Nova Scotia increased its stake in Harris Corporation by 946.4% in the first quarter. Bank of Nova Scotia now owns 28,473 shares of the communications equipment provider’s stock valued at $3,168,000 after buying an additional 25,752 shares during the last quarter. Finally, BTIM Corp. bought a new stake in Harris Corporation during the second quarter valued at $435,000. 83.60% of the stock is owned by institutional investors and hedge funds.
Harris Corporation Company Profile
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