Harris Corporation (NYSE:HRS) Reaches New 1-Year High at $117.79

Harris Corporation (NYSE:HRS) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $117.79 and last traded at $117.71, with a volume of 185,317 shares traded. The stock had previously closed at $117.38.

Several research firms have issued reports on HRS. BidaskClub upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Saturday. Cowen and Company restated a “buy” rating and set a $125.00 price target on shares of Harris Corporation in a report on Tuesday, August 1st. Jefferies Group LLC restated a “buy” rating and set a $135.00 price target (up previously from $125.00) on shares of Harris Corporation in a report on Friday, July 14th. Zacks Investment Research lowered shares of Harris Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Finally, ValuEngine upgraded shares of Harris Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. Harris Corporation has an average rating of “Buy” and an average target price of $113.29.

The company has a market capitalization of $14.13 billion, a P/E ratio of 26.48 and a beta of 1.22. The firm’s 50 day moving average is $112.47 and its 200-day moving average is $109.74.

Harris Corporation (NYSE:HRS) last released its quarterly earnings data on Tuesday, August 1st. The communications equipment provider reported $1.49 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.49. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. Harris Corporation had a return on equity of 23.49% and a net margin of 8.53%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.45 earnings per share. Equities research analysts expect that Harris Corporation will post $6.00 earnings per share for the current fiscal year.

In related news, SVP Robert L. Duffy sold 33,600 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now owns 50,311 shares of the company’s stock, valued at $5,635,335.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.71% of the company’s stock.

A number of hedge funds have recently made changes to their positions in HRS. Trust Co. of Vermont raised its stake in shares of Harris Corporation by 20.6% in the second quarter. Trust Co. of Vermont now owns 919 shares of the communications equipment provider’s stock worth $100,000 after buying an additional 157 shares during the last quarter. Contravisory Investment Management Inc. raised its stake in shares of Harris Corporation by 303.3% in the first quarter. Contravisory Investment Management Inc. now owns 1,222 shares of the communications equipment provider’s stock worth $136,000 after buying an additional 919 shares during the last quarter. Ropes Wealth Advisors LLC raised its stake in shares of Harris Corporation by 198.8% in the first quarter. Ropes Wealth Advisors LLC now owns 1,551 shares of the communications equipment provider’s stock worth $173,000 after buying an additional 1,032 shares during the last quarter. Ullmann Financial Group Inc. acquired a new stake in shares of Harris Corporation during the first quarter worth approximately $179,000. Finally, Harbour Capital Advisors LLC raised its stake in shares of Harris Corporation by 10,808.2% in the second quarter. Harbour Capital Advisors LLC now owns 21,271 shares of the communications equipment provider’s stock worth $195,000 after buying an additional 21,076 shares during the last quarter. 85.13% of the stock is owned by institutional investors.

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