Zacks Investment Research Downgrades Harris (HRS) to Hold

Zacks Investment Research lowered shares of Harris (NYSE:HRS) from a buy rating to a hold rating in a research report released on Thursday morning.

According to Zacks, “Shares of Harris Corporation have outperformed its industry over the last six months. In fact, stocks like Harris have been buoyed by the possibility of greater military spending by the United States, owing to tensions with North Korea. The company's efforts to reward shareholders through dividends and buybacks are impressive. Multiple multiple contract wins also bode well. However, the company's high debt levels remain a potent threat. Moreover, the company's struggles on the top line front are concerning. The disappointing performance of the Communication Systems unit also raise concerns.”

Other equities research analysts have also recently issued reports about the company. Jefferies Group reiterated a buy rating and set a $135.00 target price on shares of Harris in a research note on Thursday, September 21st. Cowen reiterated a buy rating and set a $134.00 target price (up from $125.00) on shares of Harris in a research note on Tuesday, September 12th. ValuEngine upgraded Harris from a hold rating to a buy rating in a research note on Sunday, December 31st. Seaport Global Securities reiterated a buy rating and set a $145.00 target price (up from $135.00) on shares of Harris in a research note on Monday, October 9th. Finally, Credit Suisse Group reiterated an outperform rating and set a $155.00 target price (up from $144.00) on shares of Harris in a research note on Wednesday, November 1st. They noted that the move was a valuation call. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $145.43.

Harris (NYSE HRS) traded up $2.66 on Thursday, reaching $146.40. 590,311 shares of the company’s stock were exchanged, compared to its average volume of 725,400. The stock has a market cap of $17,470.00, a P/E ratio of 27.36, a price-to-earnings-growth ratio of 3.43 and a beta of 1.13. Harris has a 1 year low of $99.13 and a 1 year high of $146.63. The company has a quick ratio of 0.64, a current ratio of 1.11 and a debt-to-equity ratio of 1.14.

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

A number of institutional investors have recently made changes to their positions in HRS. Neuberger Berman Group LLC raised its stake in Harris by 15.1% in the 2nd quarter. Neuberger Berman Group LLC now owns 156,686 shares of the communications equipment provider’s stock valued at $17,091,000 after acquiring an additional 20,513 shares during the period. Commerce Bank raised its stake in Harris by 22.3% in the 2nd quarter. Commerce Bank now owns 3,612 shares of the communications equipment provider’s stock valued at $394,000 after acquiring an additional 659 shares during the period. Commerzbank Aktiengesellschaft FI raised its stake in Harris by 77.3% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 8,833 shares of the communications equipment provider’s stock valued at $964,000 after acquiring an additional 3,850 shares during the period. Synovus Financial Corp raised its stake in Harris by 4.9% in the 2nd quarter. Synovus Financial Corp now owns 6,294 shares of the communications equipment provider’s stock valued at $686,000 after acquiring an additional 294 shares during the period. Finally, Atlantic Trust Group LLC bought a new stake in Harris in the 2nd quarter valued at about $2,487,000. Institutional investors and hedge funds own 84.28% of the company’s stock.

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