Harris (HRS) Hits New 52-Week Low After Analyst Downgrade

Shares of Harris Co. (NYSE:HRS) hit a new 52-week low during mid-day trading 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 trading hands. The stock had previously closed at $142.80.

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

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

A number of institutional investors have recently bought and sold shares of the stock. Panagora Asset Management Inc. grew its position in Harris by 1.9% during the third quarter. Panagora Asset Management Inc. now owns 17,897 shares of the communications equipment provider’s stock worth $3,028,000 after buying an additional 338 shares in the last quarter. CWM LLC grew its position in Harris by 40.5% during the second quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock worth $171,000 after buying an additional 341 shares in the last quarter. GAM Holding AG grew its position in Harris by 3.3% during the third quarter. GAM Holding AG now owns 10,778 shares of the communications equipment provider’s stock worth $1,824,000 after buying an additional 345 shares in the last quarter. Bridgeworth LLC grew its position in Harris by 28.0% during the second quarter. Bridgeworth LLC now owns 1,600 shares of the communications equipment provider’s stock worth $230,000 after buying an additional 350 shares in the last quarter. Finally, Sterling Capital Management LLC grew its position in Harris by 0.4% during the third quarter. Sterling Capital Management LLC now owns 82,375 shares of the communications equipment provider’s stock worth $13,939,000 after buying an additional 353 shares in the last quarter. Institutional investors and hedge funds own 84.93% of the company’s stock.

The company has a debt-to-equity ratio of 1.05, a current ratio of 1.17 and a quick ratio of 0.96. The stock has a market capitalization of $16.82 billion, a P/E ratio of 21.39 and a beta of 1.27.

Harris (NYSE:HRS) last posted its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.72 by $0.06. Harris had a return on equity of 26.39% and a net margin of 12.20%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the previous year, the business earned $1.38 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. Analysts forecast that Harris Co. will post 7.86 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be paid a dividend of $0.685 per share. This represents a $2.74 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Wednesday, November 21st. Harris’s dividend payout ratio (DPR) is currently 42.15%.

TRADEMARK VIOLATION NOTICE: “Harris (HRS) Hits New 52-Week Low After Analyst Downgrade” was posted by Community Financial News and is the property of of Community Financial News. If you are reading this report on another site, it was stolen and republished in violation of international trademark and copyright legislation. The legal version of this report can be read at https://www.com-unik.info/2018/12/05/harris-hrs-hits-new-52-week-low-after-analyst-downgrade.html.

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.

Read More: Why is the ex-dividend date different from the record date?

Receive News & Ratings for Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit