Harris Co. (NYSE:HRS) insider Edward J. Zoiss sold 26,311 shares of the business’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of HRS stock opened at $164.72 on Friday. The firm has a market capitalization of $18.97 billion, a PE ratio of 25.34, a PEG ratio of 3.46 and a beta of 1.21. The company has a quick ratio of 0.73, a current ratio of 1.24 and a debt-to-equity ratio of 1.03. Harris Co. has a twelve month low of $124.75 and a twelve month high of $170.54.
Harris (NYSE:HRS) last announced its earnings results 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. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.62 billion. Harris had a net margin of 11.61% and a return on equity of 25.36%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.49 earnings per share. research analysts predict that Harris Co. will post 7.79 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Stockholders of record on Friday, September 7th will be paid a $0.685 dividend. The ex-dividend date is Thursday, September 6th. This is an increase from Harris’s previous quarterly dividend of $0.57. This represents a $2.74 annualized dividend and a dividend yield of 1.66%. Harris’s dividend payout ratio is 42.15%.
Several hedge funds have recently made changes to their positions in HRS. M&T Bank Corp boosted its stake in shares of Harris by 8.4% in the first quarter. M&T Bank Corp now owns 14,706 shares of the communications equipment provider’s stock valued at $2,371,000 after purchasing an additional 1,137 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in shares of Harris by 73.5% in the first quarter. Robeco Institutional Asset Management B.V. now owns 35,046 shares of the communications equipment provider’s stock valued at $5,653,000 after purchasing an additional 14,846 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Harris by 2.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 435,298 shares of the communications equipment provider’s stock valued at $70,205,000 after purchasing an additional 10,585 shares during the period. Pendal Group Ltd boosted its stake in shares of Harris by 239.1% in the first quarter. Pendal Group Ltd now owns 10,132 shares of the communications equipment provider’s stock valued at $1,634,000 after purchasing an additional 7,144 shares during the period. Finally, Aperio Group LLC boosted its stake in Harris by 4.2% during the 1st quarter. Aperio Group LLC now owns 70,424 shares of the communications equipment provider’s stock valued at $11,358,000 after acquiring an additional 2,824 shares during the last quarter. Institutional investors and hedge funds own 85.73% of the company’s stock.
Several research firms have issued reports on HRS. UBS Group began coverage on shares of Harris in a research note on Wednesday, August 15th. They set a “neutral” rating and a $175.00 price objective for the company. Credit Suisse Group decreased their price objective on shares of Harris from $189.00 to $175.00 and set an “outperform” rating for the company in a research note on Tuesday, May 22nd. Argus decreased their price objective on shares of Harris from $196.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, July 5th. Seaport Global Securities reiterated a “buy” rating and set a $185.00 price objective on shares of Harris in a research note on Thursday, August 2nd. Finally, Zacks Investment Research downgraded shares of Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, July 3rd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price 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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