Zacks Investment Research upgraded shares of Harris (NYSE:HRS) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. The firm currently has $165.00 target price on the communications equipment provider’s stock.
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 strong performance by the Space and Intelligence Systems unit may aid results in the fiscal second quarter, scheduled to be out on Jan 30. It's efforts to reward shareholders through dividends and buybacks are impressive. In August 2017, the company raised its quarterly dividend by 8%. Harris' business innovation initiatives are also encouraging. Multiple multiple contract wins too bode well for the company. However, the company's high debt levels remain a potent threat. Moreover, the company's struggles on the top line front are concerning.”
A number of other brokerages have also recently issued reports on HRS. ValuEngine upgraded shares of Harris from a hold rating to a buy rating in a research note on Sunday, December 31st. JPMorgan Chase & Co. increased their price objective on shares of Harris from $138.00 to $148.00 and gave the company an overweight rating in a research note on Wednesday, November 1st. Credit Suisse Group restated an outperform rating and issued a $155.00 price objective (up previously from $144.00) on shares of Harris in a research note on Wednesday, November 1st. They noted that the move was a valuation call. Jefferies Group increased their price objective on shares of Harris from $135.00 to $157.00 and gave the company a buy rating in a research note on Wednesday, November 1st. Finally, Seaport Global Securities restated a buy rating and issued a $145.00 price objective (up previously from $135.00) on shares of Harris in a research note on Monday, October 9th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has an average rating of Buy and an average target price of $147.14.
Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. Harris had a net margin of 9.02% and a return on equity of 23.36%. The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the company posted $1.28 EPS. The business’s revenue was down .5% on a year-over-year basis. research analysts forecast that Harris will post 6.08 EPS for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue grew its holdings in shares of Harris by 143.5% in the 4th quarter. State of Alaska Department of Revenue now owns 29,229 shares of the communications equipment provider’s stock worth $4,137,000 after purchasing an additional 17,227 shares during the last quarter. Fox Run Management L.L.C. grew its holdings in shares of Harris by 69.1% in the 4th quarter. Fox Run Management L.L.C. now owns 6,935 shares of the communications equipment provider’s stock worth $982,000 after purchasing an additional 2,835 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Harris by 6,302.1% in the 4th quarter. Acadian Asset Management LLC now owns 83,611 shares of the communications equipment provider’s stock worth $11,844,000 after purchasing an additional 82,305 shares during the last quarter. Berkshire Asset Management LLC PA bought a new stake in shares of Harris in the 4th quarter worth about $456,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Harris by 4.1% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 424,713 shares of the communications equipment provider’s stock worth $60,161,000 after purchasing an additional 16,585 shares during the last quarter. 84.29% of the stock is currently owned by institutional investors and hedge funds.
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Harris Corporation is a technology company that provides products, systems and services that have defense and civil government applications, as well as commercial applications. It offers its products and services to government and commercial customer. It operates in four segments: Communication Systems, which serves markets in tactical communications and defense, and public safety networks; Space and Intelligence Systems, which provides complete Earth observation, environmental, geospatial, space protection, and intelligence solutions from advanced sensors and payloads, as well as ground processing and information analytics; Electronic Systems, which offers a portfolio of solutions in electronic warfare, avionics, wireless and technology, among others, and Critical Networks, which provides managed services supporting air traffic management, energy and maritime communications, and ground network operation and sustainment, as well as information technology (IT) and engineering services.
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