Harris Co. (NYSE:HRS) VP Todd A. Taylor sold 18,698 shares of Harris stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $161.79, for a total transaction of $3,025,149.42. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
HRS stock traded down $1.76 during midday trading on Friday, hitting $159.76. The stock had a trading volume of 22,349 shares, compared to its average volume of 584,606. The firm has a market cap of $19.09 billion, a price-to-earnings ratio of 24.82, a PEG ratio of 3.48 and a beta of 1.21. The company has a quick ratio of 0.47, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. Harris Co. has a 1-year low of $121.38 and a 1-year high of $170.54.
Harris (NYSE:HRS) last released its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.02. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.62 billion. Harris had a net margin of 11.61% and a return on equity of 25.36%. Harris’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.49 earnings per share. research analysts expect that Harris Co. will post 7.79 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Investors of record on Friday, September 7th will be issued a $0.685 dividend. This is a positive change from Harris’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $2.74 annualized dividend and a yield of 1.72%. Harris’s payout ratio is presently 35.08%.
A number of hedge funds have recently added to or reduced their stakes in HRS. BlackRock Inc. increased its stake in Harris by 0.6% in the second quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock valued at $1,428,028,000 after purchasing an additional 57,038 shares in the last quarter. Janus Henderson Group PLC increased its stake in Harris by 14.1% in the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock valued at $440,918,000 after purchasing an additional 377,269 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Harris by 28.2% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,165,914 shares of the communications equipment provider’s stock valued at $168,521,000 after purchasing an additional 256,780 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Harris by 86.0% in the first quarter. JPMorgan Chase & Co. now owns 852,437 shares of the communications equipment provider’s stock valued at $137,480,000 after purchasing an additional 394,079 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in Harris by 1.5% in the second quarter. Bessemer Group Inc. now owns 745,082 shares of the communications equipment provider’s stock valued at $107,695,000 after purchasing an additional 11,026 shares in the last quarter. Institutional investors and hedge funds own 84.73% of the company’s stock.
HRS has been the topic of a number of recent research reports. Argus lifted their price target on shares of Harris to $190.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. Zacks Investment Research upgraded shares of Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Seaport Global Securities reiterated a “buy” rating and set a $185.00 price target on shares of Harris in a report on Thursday, August 2nd. Credit Suisse Group lifted their price target on shares of Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, August 1st. Finally, UBS Group began coverage on shares of Harris in a report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Harris has a consensus rating of “Buy” and an average price target of $173.60.
Harris Company Profile
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, 2-channel vehicular 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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