Harris Corporation (HRS) Hits New 12-Month High at $137.47

Harris Corporation (NYSE:HRS) hit a new 52-week high on Monday . The stock traded as high as $137.47 and last traded at $137.51, with a volume of 90,631 shares traded. The stock had previously closed at $136.73.

Several brokerages have recently weighed in on HRS. Cowen and Company reaffirmed a “buy” rating and issued a $150.00 target price on shares of Harris Corporation in a research report on Thursday, October 19th. Zacks Investment Research raised Harris Corporation from a “hold” rating to a “buy” rating and set a $153.00 price target for the company in a report on Monday, October 16th. Seaport Global Securities reissued a “buy” rating and issued a $145.00 price target (up previously from $135.00) on shares of Harris Corporation in a report on Monday, October 9th. ValuEngine downgraded Harris Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $135.00 price target on shares of Harris Corporation in a report on Thursday, September 21st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Harris Corporation currently has an average rating of “Buy” and a consensus price target of $133.86.

The firm has a market capitalization of $16.40 billion, a PE ratio of 30.87 and a beta of 1.18. The company’s 50-day moving average price is $131.31 and its 200 day moving average price is $117.75.

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

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

Several institutional investors and hedge funds have recently modified their holdings of HRS. Capital Research Global Investors purchased a new stake in shares of Harris Corporation during the second quarter valued at $304,508,000. Janus Henderson Group PLC boosted its stake in shares of Harris Corporation by 12,337.7% during the second quarter. Janus Henderson Group PLC now owns 2,459,438 shares of the communications equipment provider’s stock valued at $268,276,000 after purchasing an additional 2,439,664 shares during the period. Janus Capital Management LLC boosted its stake in shares of Harris Corporation by 253.7% during the first quarter. Janus Capital Management LLC now owns 2,165,991 shares of the communications equipment provider’s stock valued at $241,010,000 after purchasing an additional 1,553,628 shares during the period. Koch Industries Inc. purchased a new stake in shares of Harris Corporation during the second quarter valued at $612,000. Finally, SG Americas Securities LLC boosted its stake in shares of Harris Corporation by 2,515.7% during the second quarter. SG Americas Securities LLC now owns 475,954 shares of the communications equipment provider’s stock valued at $51,917,000 after purchasing an additional 457,758 shares during the period. 84.98% of the stock is owned by hedge funds and other institutional investors.

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