Harris (HRS) Sets New 1-Year Low on Analyst Downgrade

Harris Co. (NYSE:HRS) hit a new 52-week low on Tuesday after Barclays lowered their price target on the stock from $181.00 to $161.00. Barclays currently has an overweight rating on the stock. Harris traded as low as $137.94 and last traded at $139.56, with a volume of 547583 shares. The stock had previously closed at $142.80.

A number of other research firms have also weighed in on HRS. ValuEngine lowered Harris from a “buy” rating to a “hold” rating in a report on Saturday. Credit Suisse Group lifted their target price on Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a report on Monday, October 15th. UBS Group initiated coverage on Harris in a report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 target price for the company. Raymond James lifted their target price on Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Tuesday, October 16th. Finally, Argus lifted their target price on Harris to $190.00 and gave the company a “buy” rating in a report on Thursday, August 16th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $180.89.

In other news, insider Edward J. Zoiss sold 26,311 shares of Harris stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the completion of the sale, the insider now owns 1,286 shares in the company, valued at approximately $209,360.80. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Scott T. Mikuen sold 3,903 shares of Harris stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $160.75, for a total value of $627,407.25. Following the sale, the senior vice president now owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The disclosure for this sale can be found here. Company insiders own 2.51% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Harris by 0.6% during the 2nd quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock valued at $1,428,028,000 after acquiring an additional 57,038 shares during the last quarter. Janus Henderson Group PLC lifted its position in Harris by 14.1% in the 2nd quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock worth $440,918,000 after buying an additional 377,269 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Harris by 15.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,344,309 shares of the communications equipment provider’s stock worth $227,471,000 after buying an additional 178,395 shares during the last quarter. Northern Trust Corp lifted its position in Harris by 6.5% in the 2nd quarter. Northern Trust Corp now owns 1,313,667 shares of the communications equipment provider’s stock worth $189,877,000 after buying an additional 80,745 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in Harris by 21.4% in the 3rd quarter. Bessemer Group Inc. now owns 904,550 shares of the communications equipment provider’s stock worth $153,060,000 after buying an additional 159,468 shares during the last quarter. Hedge funds and other institutional investors own 84.93% of the company’s stock.

The stock has a market capitalization of $16.82 billion, a price-to-earnings ratio of 21.47 and a beta of 1.27. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.17 and a quick ratio of 0.96.

Harris (NYSE:HRS) last released its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.06. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. Harris had a return on equity of 26.39% and a net margin of 12.20%. Harris’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.38 EPS. On average, equities analysts forecast that Harris Co. will post 7.86 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 23rd will be given a $0.685 dividend. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a yield of 1.96%. Harris’s payout ratio is 42.15%.

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Harris Company Profile (NYSE:HRS)

Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.

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