ValuEngine Downgrades Harris (HRS) to Hold

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Harris (NYSE:HRS) was downgraded by ValuEngine from a “buy” rating to a “hold” rating in a report issued on Monday.

HRS has been the subject of a number of other reports. Zacks Investment Research downgraded Harris from a “buy” rating to a “hold” rating in a report on Thursday, January 3rd. Cowen reiterated a “buy” rating and issued a $194.00 price target on shares of Harris in a report on Thursday, February 7th. Argus boosted their price target on Harris from $170.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 30th. Finally, Barclays lowered their price target on Harris from $181.00 to $161.00 and set an “overweight” rating for the company in a report on Tuesday, December 4th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $182.33.

Shares of HRS traded up $0.46 during trading on Monday, reaching $159.74. The company’s stock had a trading volume of 415,519 shares, compared to its average volume of 1,002,035. Harris has a twelve month low of $123.24 and a twelve month high of $175.50. The firm has a market cap of $18.71 billion, a price-to-earnings ratio of 24.58, a PEG ratio of 2.49 and a beta of 1.24. The company has a quick ratio of 1.04, a current ratio of 1.27 and a debt-to-equity ratio of 1.00.

Harris (NYSE:HRS) last announced its earnings results on Tuesday, January 29th. The communications equipment provider reported $1.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.91 by $0.05. Harris had a return on equity of 26.55% and a net margin of 13.29%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company posted $1.67 EPS. Harris’s quarterly revenue was up 8.5% on a year-over-year basis. On average, equities analysts expect that Harris will post 8 earnings per share for the current fiscal year.

In related news, SVP Robert L. Duffy sold 40,000 shares of the company’s stock in a transaction on Friday, February 8th. The stock was sold at an average price of $158.66, for a total transaction of $6,346,400.00. Following the completion of the transaction, the senior vice president now directly owns 63,918 shares in the company, valued at approximately $10,141,229.88. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.51% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of HRS. Norges Bank bought a new position in Harris during the 4th quarter worth $150,507,000. American Century Companies Inc. bought a new position in shares of Harris in the fourth quarter worth $124,367,000. Ceredex Value Advisors LLC bought a new position in shares of Harris in the fourth quarter worth $42,185,000. Franklin Resources Inc. grew its stake in shares of Harris by 3,472.2% in the third quarter. Franklin Resources Inc. now owns 209,119 shares of the communications equipment provider’s stock worth $35,384,000 after purchasing an additional 203,265 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Harris by 231.4% in the third quarter. Renaissance Technologies LLC now owns 275,059 shares of the communications equipment provider’s stock worth $46,543,000 after purchasing an additional 192,059 shares in the last quarter. Hedge funds and other institutional investors own 91.90% of the company’s stock.

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, 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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Analyst Recommendations for Harris (NYSE:HRS)

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