Harris Corporation (HRS) Sets New 12-Month High After Better-Than-Expected Earnings

Harris Corporation (NYSE:HRS) hit a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $137.74 and last traded at $137.93, with a volume of 263,182 shares. The stock had previously closed at $135.64.

The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.34 by $0.04. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same quarter last year, the business posted $1.28 earnings per share. The firm’s revenue was down .5% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $0.57 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.64%. Harris Corporation’s dividend payout ratio (DPR) is presently 51.47%.

A number of equities research analysts recently issued reports on the company. Cowen and Company reiterated a “buy” rating and issued a $150.00 price objective on shares of Harris Corporation in a research report on Tuesday. BidaskClub upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. ValuEngine downgraded Harris Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Zacks Investment Research upgraded Harris Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $135.00 price objective on shares of Harris Corporation in a research report on Thursday, September 21st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $139.50.

In related news, insider Christopher D. Young sold 4,070 shares of the stock in a transaction on 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Scott T. Mikuen sold 13,600 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total value of $1,677,696.00. Following the completion of the transaction, the senior vice president now directly owns 61,349 shares in the company, valued at approximately $7,568,012.64. The disclosure for this sale can be found here. In the last three months, insiders sold 72,357 shares of company stock worth $8,643,111. 1.91% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Trust Co. of Vermont increased its stake 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 acquiring an additional 157 shares during the last quarter. BB&T Investment Services Inc. bought a new position in Harris Corporation in the second quarter valued at $113,000. Northwestern Mutual Wealth Management Co. increased its stake 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 acquiring an additional 632 shares during the last quarter. BT Investment Management Ltd bought a new position in Harris Corporation in the second quarter valued at $157,000. Finally, Stephens Inc. AR bought a new position in Harris Corporation in the second quarter valued at $167,000. 84.54% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $16.69 billion, a price-to-earnings ratio of 31.41 and a beta of 1.18. The company’s 50-day moving average price is $133.26 and its 200-day moving average price is $118.66.

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