Harris Corporation (HRS) Price Target Raised to $157.00

Harris Corporation (NYSE:HRS) had its target price boosted by Jefferies Group LLC from $135.00 to $157.00 in a research report report published on Wednesday morning. They currently have a buy rating on the communications equipment provider’s stock.

A number of other research firms have also weighed in on HRS. Cowen and Company reissued a buy rating and set a $125.00 target price on shares of Harris Corporation in a research report on Thursday, July 6th. BidaskClub raised shares of Harris Corporation from a hold rating to a buy rating in a research report on Wednesday, July 12th. Zacks Investment Research raised shares of Harris Corporation from a sell rating to a hold rating in a research report on Tuesday, September 19th. Seaport Global Securities reissued a buy rating and set a $145.00 target price (up previously from $135.00) on shares of Harris Corporation in a research report on Monday, October 9th. Finally, Credit Suisse Group started coverage on shares of Harris Corporation in a research report on Monday, August 28th. They set an outperform rating and a $144.00 target price for the company. Two research analysts have rated the stock with 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 target price of $145.43.

Harris Corporation (NYSE HRS) traded up $2.26 during trading on Wednesday, reaching $139.41. 970,043 shares of the company’s stock were exchanged, compared to its average volume of 508,301. The firm has a market cap of $16.62 billion, a price-to-earnings ratio of 24.18, a price-to-earnings-growth ratio of 3.27 and a beta of 1.12. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.64 and a current ratio of 1.11. Harris Corporation has a 52-week low of $92.35 and a 52-week high of $141.97.

Harris Corporation (NYSE:HRS) last released its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.03. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.44 billion. Harris Corporation had a net margin of 9.02% and a return on equity of 23.36%. The business’s revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.28 EPS. analysts forecast that Harris Corporation will post 5.99 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Thursday, November 16th. Harris Corporation’s dividend payout ratio is currently 42.62%.

In other news, SVP Scott T. Mikuen sold 13,600 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $123.36, for a total transaction of $1,677,696.00. Following the completion of the transaction, the senior vice president now owns 61,349 shares of the company’s stock, valued at $7,568,012.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $118.93, for a total transaction of $484,045.10. Following the transaction, the insider now directly owns 46,131 shares of the company’s stock, valued at approximately $5,486,359.83. The disclosure for this sale can be found here. Insiders have sold 72,357 shares of company stock valued at $8,643,111 in the last ninety days. 1.91% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of HRS. Capital Research Global Investors bought a new stake in Harris Corporation in the second quarter valued at about $304,508,000. Janus Henderson Group PLC increased its stake in Harris Corporation by 12,337.7% in the second quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after acquiring an additional 2,439,664 shares during the period. Koch Industries Inc. bought a new stake in Harris Corporation in the second quarter valued at about $612,000. SG Americas Securities LLC increased its stake in Harris Corporation by 2,515.7% in the second quarter. SG Americas Securities LLC now owns 475,954 shares of the communications equipment provider’s stock valued at $51,917,000 after acquiring an additional 457,758 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Harris Corporation by 90.1% in the second quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock valued at $73,710,000 after acquiring an additional 320,216 shares during the period. 84.54% of the stock is currently owned by institutional investors and hedge funds.

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