Brokerages Set Harris Corporation (HRS) Target Price at $121.33

Harris Corporation (NYSE:HRS) has received an average recommendation of “Buy” from the nine research firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $121.33.

A number of research firms have commented on HRS. BidaskClub lowered shares of Harris Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Cowen and Company reissued a “buy” rating and set a $134.00 price target (up from $125.00) on shares of Harris Corporation in a research report on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and set a $135.00 price target on shares of Harris Corporation in a research report on Thursday. Zacks Investment Research raised shares of Harris Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. Finally, ValuEngine raised shares of Harris Corporation from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd.

In related news, SVP Sheldon J. Fox sold 50,300 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $118.24, for a total value of $5,947,472.00. Following the sale, the senior vice president now directly owns 73,092 shares of the company’s stock, valued at approximately $8,642,398.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher D. Young sold 4,070 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $118.93, for a total transaction of $484,045.10. Following the completion of the sale, the insider now directly owns 46,131 shares in the company, valued at $5,486,359.83. The disclosure for this sale can be found here. Insiders sold a total of 72,357 shares of company stock worth $8,643,111 over the last ninety days. 1.91% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of HRS. BlackRock Inc. increased its stake in Harris Corporation by 3,267.9% in the 1st quarter. BlackRock Inc. now owns 7,670,217 shares of the communications equipment provider’s stock valued at $853,463,000 after buying an additional 7,442,472 shares during the last quarter. Capital Research Global Investors acquired a new stake in Harris Corporation in the 2nd quarter valued at $304,508,000. Janus Henderson Group PLC increased its stake in Harris Corporation by 12,337.7% in the 2nd quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after buying an additional 2,439,664 shares during the last quarter. Janus Capital Management LLC increased its stake in Harris Corporation by 253.7% in the 1st quarter. Janus Capital Management LLC now owns 2,165,991 shares of the communications equipment provider’s stock valued at $241,010,000 after buying an additional 1,553,628 shares during the last quarter. Finally, Private Advisor Group LLC increased its stake in Harris Corporation by 20,790.1% in the 1st quarter. Private Advisor Group LLC now owns 764,788 shares of the communications equipment provider’s stock valued at $9,623,000 after buying an additional 761,127 shares during the last quarter. Hedge funds and other institutional investors own 84.99% of the company’s stock.

Shares of Harris Corporation (HRS) traded down 0.41% during midday trading on Friday, hitting $131.06. The stock had a trading volume of 648,298 shares. The stock has a 50-day moving average of $120.91 and a 200 day moving average of $113.51. The stock has a market cap of $15.70 billion, a PE ratio of 29.54 and a beta of 1.19. Harris Corporation has a 52 week low of $88.89 and a 52 week high of $131.90.

Harris Corporation (NYSE:HRS) last released its earnings results on Tuesday, August 1st. The communications equipment provider reported $1.49 EPS for the quarter, hitting analysts’ consensus estimates of $1.49. Harris Corporation had a net margin of 8.53% and a return on equity of 23.49%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the business earned $1.45 EPS. The business’s quarterly revenue was up .6% compared to the same quarter last year. Analysts anticipate that Harris Corporation will post $6.01 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 22nd. Investors of record on Friday, September 8th will be given a $0.57 dividend. This is a boost from Harris Corporation’s previous quarterly dividend of $0.53. This represents a $2.28 annualized dividend and a yield of 1.73%. The ex-dividend date is Thursday, September 7th. Harris Corporation’s payout ratio is currently 51.47%.

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