Harris Co. (NYSE:HRS) insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the sale, the insider now owns 1,286 shares of the company’s stock, valued at $209,360.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of NYSE HRS traded down $0.22 during trading on Monday, hitting $167.34. 450,100 shares of the company traded hands, compared to its average volume of 726,747. Harris Co. has a fifty-two week low of $133.66 and a fifty-two week high of $170.72. The firm has a market capitalization of $19.85 billion, a P/E ratio of 25.74, a P/E/G ratio of 3.62 and a beta of 1.20. The company has a current ratio of 1.24, a quick ratio of 0.73 and a debt-to-equity ratio of 1.03.
Harris (NYSE:HRS) last announced its quarterly earnings data on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.02. Harris had a net margin of 11.61% and a return on equity of 25.36%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same quarter in the prior year, the business earned $1.49 earnings per share. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. Equities research analysts forecast that Harris Co. will post 7.79 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Friday, September 7th were issued a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend was Thursday, September 6th. This is a positive change from Harris’s previous quarterly dividend of $0.57. Harris’s dividend payout ratio is currently 42.15%.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ostrum Asset Management bought a new position in shares of Harris during the 1st quarter valued at approximately $112,000. Fort L.P. bought a new position in shares of Harris during the 2nd quarter valued at approximately $118,000. Accurate Investment Solutions Inc. bought a new position in shares of Harris during the 2nd quarter valued at approximately $123,000. Wagner Wealth Management LLC bought a new position in shares of Harris during the 1st quarter valued at approximately $129,000. Finally, Daiwa SB Investments Ltd. bought a new position in shares of Harris during the 2nd quarter valued at approximately $136,000. Institutional investors own 85.74% of the company’s stock.
A number of equities research analysts have recently weighed in on the stock. Credit Suisse Group boosted their price objective on shares of Harris from $175.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, August 1st. Seaport Global Securities reissued a “buy” rating and issued a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. Argus boosted their price objective on shares of Harris to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. UBS Group began coverage on shares of Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective on the stock. Finally, Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company presently 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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