Harris Co. (HRS) Receives $106.14 Average Target Price from Brokerages

Shares of Harris Co. (NYSE:HRS) have earned a consensus rating of “Buy” from the nine analysts that are presently covering the firm. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $103.33.

HRS has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Harris from a “buy” rating to a “hold” rating in a report on Monday, February 6th. Jefferies Group LLC set a $120.00 price objective on shares of Harris and gave the stock a “buy” rating in a report on Thursday, March 16th.

Harris (NYSE:HRS) traded up 0.48% during midday trading on Monday, reaching $109.95. The company had a trading volume of 1,374,605 shares. The company has a market capitalization of $13.68 billion, a PE ratio of 20.82 and a beta of 1.27. Harris has a one year low of $73.32 and a one year high of $113.00. The stock’s 50 day moving average is $110.57 and its 200 day moving average is $103.54.

Harris (NYSE:HRS) last released its quarterly earnings data on Thursday, February 2nd. The communications equipment provider reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.05. The company earned $1.70 billion during the quarter, compared to the consensus estimate of $1.77 billion. Harris had a net margin of 9.15% and a return on equity of 22.73%. Harris’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period last year, the firm earned $1.49 EPS. Equities research analysts forecast that Harris will post $5.55 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 24th. Investors of record on Tuesday, March 14th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.93%. The ex-dividend date was Friday, March 10th. Harris’s dividend payout ratio (DPR) is presently 40.08%.

In related news, SVP Dana A. Mehnert sold 99,400 shares of the firm’s stock in a transaction that occurred on Friday, February 3rd. The shares were sold at an average price of $104.64, for a total value of $10,401,216.00. Following the completion of the transaction, the senior vice president now directly owns 116,490 shares of the company’s stock, valued at approximately $12,189,513.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James F. Albaugh acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 9th. The stock was acquired at an average cost of $104.99 per share, with a total value of $104,990.00. Following the completion of the acquisition, the director now owns 825 shares in the company, valued at approximately $86,616.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 141,050 shares of company stock valued at $14,882,228. 1.71% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P boosted its stake in Harris by 8.9% in the fourth quarter. Loomis Sayles & Co. L P now owns 470,870 shares of the communications equipment provider’s stock valued at $48,250,000 after buying an additional 38,659 shares in the last quarter. APG Asset Management N.V. boosted its stake in Harris by 44.5% in the third quarter. APG Asset Management N.V. now owns 355,538 shares of the communications equipment provider’s stock valued at $32,571,000 after buying an additional 109,433 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Harris by 1.9% in the third quarter. Wells Fargo & Company MN now owns 7,096,111 shares of the communications equipment provider’s stock valued at $650,075,000 after buying an additional 129,556 shares in the last quarter. Putnam Investments LLC boosted its stake in Harris by 2,546.8% in the fourth quarter. Putnam Investments LLC now owns 72,946 shares of the communications equipment provider’s stock valued at $7,475,000 after buying an additional 70,190 shares in the last quarter. Finally, Coldstream Capital Management Inc. boosted its stake in Harris by 10.8% in the fourth quarter. Coldstream Capital Management Inc. now owns 24,749 shares of the communications equipment provider’s stock valued at $2,536,000 after buying an additional 2,414 shares in the last quarter. 83.24% of the stock is owned by institutional investors.

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