Harris Co. (NYSE:HRS) SVP Scott T. Mikuen sold 3,903 shares of Harris stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total value of $627,407.25. Following the sale, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of HRS stock traded down $0.22 during midday trading on Monday, reaching $167.34. 450,100 shares of the stock were exchanged, compared to its average volume of 726,747. Harris Co. has a 1 year low of $133.66 and a 1 year high of $170.72. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.73 and a current ratio of 1.24. The company has a market capitalization of $19.85 billion, a price-to-earnings ratio of 25.74, a price-to-earnings-growth ratio of 3.62 and a beta of 1.20.
Harris (NYSE:HRS) last posted its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.02. Harris had a return on equity of 25.36% and a net margin of 11.61%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter in the prior year, the business earned $1.49 EPS. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. Sell-side analysts forecast that Harris Co. will post 7.79 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Friday, September 7th were given a $0.685 dividend. This is a boost from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Thursday, September 6th. Harris’s payout ratio is currently 42.15%.
Several equities research analysts have issued reports on HRS shares. Zacks Investment Research lowered Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, July 3rd. Argus decreased their price objective on Harris from $196.00 to $170.00 and set a “buy” rating on the stock in a report on Thursday, July 5th. Credit Suisse Group lifted their price objective on Harris from $175.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, August 1st. Seaport Global Securities reiterated a “buy” rating and issued a $185.00 price objective on shares of Harris in a report on Thursday, August 2nd. Finally, UBS Group assumed coverage on Harris in a report on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $173.60.
Institutional investors and hedge funds have recently modified their holdings of the company. Ostrum Asset Management bought a new stake in shares of Harris in the 1st quarter worth approximately $112,000. Fort L.P. bought a new position in Harris in the 2nd quarter valued at approximately $118,000. Accurate Investment Solutions Inc. bought a new position in Harris in the 2nd quarter valued at approximately $123,000. Wagner Wealth Management LLC bought a new position in Harris in the 1st quarter valued at approximately $129,000. Finally, Meeder Asset Management Inc. bought a new position in Harris in the 1st quarter valued at approximately $131,000. 85.74% of the stock is currently owned by hedge funds and other institutional investors.
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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