Harris Corporation (NYSE:HRS) had its price objective hoisted by investment analysts at J P Morgan Chase & Co from $138.00 to $148.00 in a note issued to investors on Wednesday. The brokerage presently has an “overweight” rating on the communications equipment provider’s stock. J P Morgan Chase & Co’s price objective indicates a potential upside of 6.23% from the stock’s current price.
A number of other brokerages also recently issued reports on HRS. Credit Suisse Group reiterated an “outperform” rating and issued a $155.00 price target (up previously from $144.00) on shares of Harris Corporation in a research note on Wednesday. They noted that the move was a valuation call. Jefferies Group LLC lifted their price target on shares of Harris Corporation to $157.00 and gave the stock a “buy” rating in a research note on Wednesday. Cowen and Company reiterated a “buy” rating and issued a $150.00 price target on shares of Harris Corporation in a research note on Tuesday. Zacks Investment Research upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating and set a $153.00 price target for the company in a research note on Monday, October 16th. Finally, Seaport Global Securities reiterated a “buy” rating and issued a $145.00 price target (up previously from $135.00) on shares of Harris Corporation in a research note on Monday, October 9th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $145.43.
Shares of Harris Corporation (NYSE HRS) traded up 0.018% during midday trading on Wednesday, hitting $139.345. 118,685 shares of the stock traded hands. The company has a market cap of $16.69 billion, a price-to-earnings ratio of 31.412 and a beta of 1.18. The stock has a 50-day moving average of $133.26 and a 200-day moving average of $118.66. Harris Corporation has a 52-week low of $92.35 and a 52-week high of $141.97.
Harris Corporation (NYSE:HRS) last announced its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.28 earnings per share. On average, equities analysts predict that Harris Corporation will post $6.01 earnings per share for the current fiscal year.
In other news, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $118.93, for a total transaction of $484,045.10. Following the completion of the sale, the insider now owns 46,131 shares in the company, valued at approximately $5,486,359.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Scott T. Mikuen sold 4,387 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $121.70, for a total transaction of $533,897.90. The disclosure for this sale can be found here. Insiders have sold a total of 72,357 shares of company stock valued at $8,643,111 in the last 90 days. Insiders own 1.91% of the company’s stock.
Several large investors have recently modified their holdings of HRS. Capital Research Global Investors purchased a new stake in shares of Harris Corporation during the 2nd quarter worth approximately $304,508,000. Janus Henderson Group PLC raised its position in Harris Corporation by 12,337.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after purchasing an additional 2,439,664 shares during the last quarter. Koch Industries Inc. purchased a new stake in Harris Corporation in the 2nd quarter valued at $612,000. SG Americas Securities LLC raised its position in Harris Corporation by 2,515.7% in the 2nd quarter. SG Americas Securities LLC now owns 475,954 shares of the communications equipment provider’s stock valued at $51,917,000 after purchasing an additional 457,758 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Harris Corporation by 90.1% in the 2nd quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock valued at $73,710,000 after purchasing an additional 320,216 shares during the last quarter. Institutional investors and hedge funds own 84.54% of the company’s stock.
Harris Corporation Company Profile
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