Shares of Harris Co. (NYSE:HRS) have been given an average rating of “Buy” by the ten brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $172.00.
HRS has been the topic of a number of research analyst reports. Credit Suisse Group raised their price target on Harris from $187.00 to $189.00 and gave the stock an “outperform” rating in a research report on Thursday, May 3rd. Seaport Global Securities reaffirmed a “buy” rating and set a $185.00 price target on shares of Harris in a research report on Thursday, August 2nd. Zacks Investment Research lowered Harris from a “hold” rating to a “sell” rating in a research report on Tuesday, July 3rd. Finally, Argus dropped their price target on Harris from $196.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday, July 5th.
A number of institutional investors have recently made changes to their positions in HRS. Tower Bridge Advisors acquired a new stake in Harris in the 1st quarter valued at approximately $210,000. Daiwa Securities Group Inc. raised its position in Harris by 2.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 31,408 shares of the communications equipment provider’s stock valued at $5,065,000 after buying an additional 686 shares during the last quarter. Rhumbline Advisers raised its position in Harris by 0.5% in the 1st quarter. Rhumbline Advisers now owns 222,504 shares of the communications equipment provider’s stock valued at $35,885,000 after buying an additional 1,172 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its position in Harris by 162.5% in the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 15,055 shares of the communications equipment provider’s stock valued at $2,395,000 after buying an additional 9,319 shares during the last quarter. Finally, Dupont Capital Management Corp raised its position in Harris by 7.2% in the 1st quarter. Dupont Capital Management Corp now owns 23,140 shares of the communications equipment provider’s stock valued at $3,732,000 after buying an additional 1,563 shares during the last quarter. 85.30% of the stock is currently owned by institutional investors and hedge funds.
Harris (NYSE:HRS) last released its quarterly earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 EPS for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.02. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.62 billion. Harris had a return on equity of 25.36% and a net margin of 11.61%. Harris’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.49 earnings per share. equities analysts anticipate that Harris will post 7.79 EPS for the current year.
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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