Today, Seaport Global Securities Begins Coverage on Harris Corp. (HRS)

Today, Seaport Global Securities Begins Coverage on Harris Corp. (HRS)

Equities research analysts at Seaport Global Securities assumed coverage on shares of Harris Corp. (NYSE:HRS) in a research note issued on Monday. The brokerage set a “buy” rating and a $105.00 price target on the stock. Seaport Global Securities’ price objective would suggest a potential upside of 0.20% from the stock’s current price.

Several other research firms have also recently weighed in on HRS. Cowen and Company raised Harris Corp. from a “market perform” rating to an “outperform” rating and set a $107.00 price objective for the company in a research report on Monday, November 7th. Zacks Investment Research lowered Harris Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 18th. Jefferies Group reiterated a “buy” rating and set a $100.00 target price (up previously from $95.00) on shares of Harris Corp. in a report on Wednesday, August 3rd. Citigroup Inc. dropped their target price on Harris Corp. from $112.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, September 6th. Finally, JPMorgan Chase & Co. set a $93.00 target price on Harris Corp. and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Eleven research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus price target 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 stock’s 50 day moving average price is $95.83 and its 200 day moving average price is $88.33. The firm has a market cap of $13.02 billion, a price-to-earnings ratio of 39.16 and a beta of 1.29.

Harris Corp. (NYSE:HRS) last posted its quarterly earnings data on Tuesday, November 1st. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.05. The company earned $1.75 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Harris Corp. had a return on equity of 22.84% and a net margin of 4.53%. Harris Corp.’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.31 earnings per share. On average, equities analysts anticipate that Harris Corp. will post $5.80 earnings per share for the current fiscal year.

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

In other news, insider William H. Gattle sold 1,366 shares of the 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 transaction, the insider now owns 4,851 shares in the company, valued at $454,781.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Edward J. Zoiss sold 1,884 shares of the 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 transaction, the insider now owns 1,702 shares in the company, valued at approximately $158,268.98. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Quantum Capital Management raised its position in shares of Harris Corp. by 31.1% in the first quarter. Quantum Capital Management now owns 134,493 shares of the company’s stock worth $10,472,000 after buying an additional 31,906 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Harris Corp. by 50.2% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 18,465 shares of the company’s stock worth $1,437,000 after buying an additional 6,174 shares during the period. Squarepoint Ops LLC raised its position in shares of Harris Corp. by 378.0% in the first quarter. Squarepoint Ops LLC now owns 37,032 shares of the company’s stock worth $2,883,000 after buying an additional 29,285 shares during the period. Seven Eight Capital LLC purchased a new position in shares of Harris Corp. during the first quarter worth $160,000. Finally, Arizona State Retirement System raised its position in shares of Harris Corp. by 1.3% in the first quarter. Arizona State Retirement System now owns 46,952 shares of the company’s stock worth $3,656,000 after buying an additional 600 shares during the period. Institutional investors own 85.18% of the company’s stock.

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