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.
About Harris Corp.