Investors Buy Large Volume of Harris Put Options (HRS)

Harris Co. (NYSE:HRS) was the target of unusually large options trading on Tuesday. Stock investors acquired 2,145 put options on the company. This represents an increase of approximately 1,249% compared to the typical daily volume of 159 put options.

In related news, SVP Scott T. Mikuen sold 3,903 shares of the business’s stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total transaction of $627,407.25. Following the sale, the senior vice president now owns 47,243 shares in the company, valued at approximately $7,594,312.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Todd A. Taylor sold 18,698 shares of Harris stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $161.79, for a total value of $3,025,149.42. The disclosure for this sale can be found here. Insiders have sold a total of 48,912 shares of company stock worth $7,935,987 in the last 90 days. 2.51% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Fort L.P. bought a new position in shares of Harris in the second quarter valued at approximately $118,000. Accurate Investment Solutions Inc. bought a new position in shares of Harris in the second quarter valued at approximately $123,000. Daiwa SB Investments Ltd. bought a new position in shares of Harris in the second quarter valued at approximately $136,000. Patton Albertson Miller Group LLC bought a new position in shares of Harris in the third quarter valued at approximately $138,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Harris in the third quarter valued at approximately $146,000. 84.83% of the stock is owned by hedge funds and other institutional investors.

Harris stock traded down $1.01 during midday trading on Thursday, reaching $144.79. The stock had a trading volume of 899,809 shares, compared to its average volume of 1,246,713. Harris has a 12 month low of $138.08 and a 12 month high of $175.50. The firm has a market capitalization of $17.24 billion, a price-to-earnings ratio of 22.28 and a beta of 1.29. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.17 and a quick ratio of 0.96.

Harris (NYSE:HRS) last issued its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Harris had a return on equity of 26.39% and a net margin of 12.20%. The business had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the company posted $1.38 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts expect that Harris will post 7.86 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 7th. Shareholders of record on Friday, November 23rd will be issued a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a yield of 1.89%. The ex-dividend date is Wednesday, November 21st. Harris’s dividend payout ratio is currently 42.15%.

HRS has been the topic of several recent research reports. Raymond James lifted their target price on Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a report on Tuesday, October 16th. UBS Group began coverage on Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective on the stock. Credit Suisse Group boosted their price objective on Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, October 15th. 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. Finally, Argus boosted their price objective on Harris to $190.00 and gave the company a “buy” rating in a research note on Thursday, August 16th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Harris has a consensus rating of “Buy” and an average price target of $183.11.

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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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