Trading Report: Today, Harris Corp. (HRS) Upgraded to Outperform at Cowen and Company

Today, Harris Corp. (HRS) Upgraded to Outperform at Cowen and Company

Harris Corp. (NYSE:HRS) was upgraded by stock analysts at Cowen and Company from a “market perform” rating to an “outperform” rating in a report issued on Monday. The brokerage presently has a $107.00 target price on the stock. Cowen and Company’s price objective would suggest a potential upside of 2.11% from the company’s current price.

A number of other equities research analysts also recently issued reports on HRS. Jefferies Group reiterated a “buy” rating and set a $100.00 price objective (up from $95.00) on shares of Harris Corp. in a research note on Wednesday, August 3rd. Vertical Research assumed coverage on Harris Corp. in a research note on Friday, October 28th. They set a “buy” rating and a $100.00 price objective for the company. Zacks Investment Research upgraded Harris Corp. from a “sell” rating to a “hold” rating in a research note on Monday, September 19th. JPMorgan Chase & Co. set a $93.00 price objective on Harris Corp. and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Finally, Citigroup Inc. cut their price objective on Harris Corp. from $112.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, September 6th. Eleven research analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and a consensus target price of $101.89.

Shares of Harris Corp. (NYSE:HRS) opened at 104.79 on Monday. Harris Corp. has a one year low of $70.97 and a one year high of $105.93. The company has a market capitalization of $13.02 billion, a price-to-earnings ratio of 39.16 and a beta of 1.29. The company’s 50 day moving average is $95.83 and its 200 day moving average is $88.33.

Harris Corp. (NYSE:HRS) last released its quarterly earnings results on Tuesday, November 1st. The company reported $1.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.34 by $0.05. The business earned $1.75 billion during the quarter, compared to the consensus estimate of $1.74 billion. Harris Corp. had a return on equity of 22.84% and a net margin of 4.53%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.31 EPS. Equities research analysts predict that Harris Corp. will post $5.80 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 6th. Stockholders of record on Friday, November 18th will be issued a dividend of $0.53 per share. The ex-dividend date is Wednesday, November 16th. This represents a $2.12 annualized dividend and a dividend yield of 2.02%. Harris Corp.’s dividend payout ratio (DPR) is 79.70%.

In other news, insider William H. Gattle sold 1,366 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $93.75, for a total transaction of $128,062.50. Following the sale, the insider now directly owns 4,851 shares of the company’s stock, valued at approximately $454,781.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Edward J. Zoiss sold 1,884 shares of the company’s stock in a transaction that occurred on Thursday, November 3rd. The stock was sold at an average price of $92.99, for a total value of $175,193.16. Following the sale, the insider now directly owns 1,702 shares in the company, valued at $158,268.98. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Global X Management Co. LLC boosted its stake in shares of Harris Corp. by 81.0% in the second quarter. Global X Management Co. LLC now owns 1,419 shares of the company’s stock valued at $118,000 after buying an additional 635 shares during the period. Mizuho Asset Management Co. Ltd. boosted its stake in shares of Harris Corp. by 178.2% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,661 shares of the company’s stock valued at $139,000 after buying an additional 1,064 shares during the period. Huntington National Bank boosted its stake in shares of Harris Corp. by 24.1% in the second quarter. Huntington National Bank now owns 1,702 shares of the company’s stock valued at $142,000 after buying an additional 330 shares during the period. Meeder Asset Management Inc. boosted its stake in shares of Harris Corp. by 157.4% in the third quarter. Meeder Asset Management Inc. now owns 1,552 shares of the company’s stock valued at $142,000 after buying an additional 949 shares during the period. Finally, CENTRAL TRUST Co boosted its stake in shares of Harris Corp. by 30.8% in the third quarter. CENTRAL TRUST Co now owns 1,619 shares of the company’s stock valued at $149,000 after buying an additional 381 shares during the period. 85.18% of the stock is currently owned by institutional investors and hedge funds.

Harris Corp. Company Profile

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