Harris Corporation (NYSE:HRS) announced its quarterly earnings data on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $1.49, Bloomberg Earnings reports. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.52 billion. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The firm’s revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $1.45 EPS. Harris Corporation updated its FY18 guidance to $5.85-6.05 EPS.
Harris Corporation (HRS) traded down 0.34% on Friday, reaching $118.71. The company’s stock had a trading volume of 527,896 shares. Harris Corporation has a 12-month low of $88.89 and a 12-month high of $121.27. The company has a market capitalization of $14.28 billion, a price-to-earnings ratio of 26.76 and a beta of 1.22. The firm has a 50-day moving average of $115.34 and a 200 day moving average of $111.14.
HRS has been the subject of a number of recent research reports. Jefferies Group LLC reiterated a “buy” rating and set a $135.00 price objective (up from $125.00) on shares of Harris Corporation in a research note on Friday, July 14th. BidaskClub upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Cowen and Company reiterated a “buy” rating and set a $125.00 price objective on shares of Harris Corporation in a research note on Thursday, July 6th. ValuEngine upgraded Harris Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Barclays PLC downgraded Harris Corporation from an “overweight” rating to an “equal weight” rating and set a $110.00 price target for the company. in a research note on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $113.29.
In other news, SVP Robert L. Duffy sold 33,600 shares of Harris Corporation stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $112.01, for a total value of $3,763,536.00. Following the sale, the senior vice president now directly owns 50,311 shares of the company’s stock, valued at $5,635,335.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher D. Young sold 4,070 shares of Harris Corporation stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $118.93, for a total value of $484,045.10. Following the completion of the sale, the insider now directly owns 46,131 shares in the company, valued at $5,486,359.83. The disclosure for this sale can be found here. 1.71% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the company. Thrivent Financial for Lutherans raised its stake in shares of Harris Corporation by 5.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 4,385 shares of the communications equipment provider’s stock worth $450,000 after buying an additional 230 shares in the last quarter. Teachers Advisors LLC raised its stake in shares of Harris Corporation by 14.3% in the fourth quarter. Teachers Advisors LLC now owns 178,509 shares of the communications equipment provider’s stock worth $18,292,000 after buying an additional 22,321 shares in the last quarter. Kentucky Retirement Systems purchased a new stake in shares of Harris Corporation during the fourth quarter worth about $924,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Harris Corporation during the fourth quarter worth about $412,000. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Harris Corporation during the fourth quarter worth about $392,000. 83.60% of the stock is currently owned by hedge funds and other institutional investors.
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About Harris Corporation
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