Harris (HRS) Price Target Cut to $170.00 by Analysts at Argus

Harris (NYSE:HRS) had its target price decreased by Argus from $196.00 to $170.00 in a report issued on Thursday morning. Argus currently has a buy rating on the communications equipment providers stock.

A number of other research firms have also recently weighed in on HRS. Zacks Investment Research cut Harris from a hold rating to a sell rating in a report on Tuesday, April 17th. Citigroup increased their price objective on Harris from $160.00 to $183.00 and gave the company a buy rating in a research report on Tuesday, April 10th. Barclays assumed coverage on Harris in a research report on Thursday, March 29th. They issued an equal weight rating and a $173.00 price objective on the stock. Finally, Credit Suisse Group decreased their price objective on Harris from $189.00 to $175.00 and set an outperform rating on the stock in a research report on Tuesday, May 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the companys stock. The company has an average rating of Buy and a consensus target price of $165.11.

HRS stock traded up $0.03 during midday trading on Thursday, reaching $144.00. 8,519 shares of the companys stock traded hands, compared to its average volume of 677,046. Harris has a 1-year low of $110.20 and a 1-year high of $170.54. The stock has a market capitalization of $17.31 billion, a price-to-earnings ratio of 26.03, a P/E/G ratio of 3.16 and a beta of 1.25. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.12 and a quick ratio of 0.68.

Harris (NYSE:HRS) last released its quarterly earnings results on Wednesday, May 2nd. The communications equipment provider reported $1.67 earnings per share for the quarter, beating the Zacks consensus estimate of $1.63 by $0.04. Harris had a return on equity of 25.07% and a net margin of 10.43%. The firm had revenue of $1.57 billion during the quarter, compared to analysts expectations of $1.55 billion. During the same period last year, the firm posted $1.38 EPS. The businesss revenue was up 5.3% on a year-over-year basis. equities analysts expect that Harris will post 6.48 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Friday, June 1st were given a $0.57 dividend. The ex-dividend date of this dividend was Thursday, May 31st. This represents a $2.28 dividend on an annualized basis and a yield of 1.58%. Harriss payout ratio is 41.23%.

Institutional investors and hedge funds have recently made changes to their positions in the business. MML Investors Services LLC boosted its position in shares of Harris by 15.7% in the 4th quarter. MML Investors Services LLC now owns 2,985 shares of the communications equipment providers stock worth $423,000 after purchasing an additional 406 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in shares of Harris by 2.6% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 17,761 shares of the communications equipment providers stock worth $2,865,000 after purchasing an additional 451 shares during the last quarter. First Commonwealth Financial Corp PA boosted its position in shares of Harris by 16.9% in the 1st quarter. First Commonwealth Financial Corp PA now owns 3,127 shares of the communications equipment providers stock worth $504,000 after purchasing an additional 451 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Harris by 3.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 17,163 shares of the communications equipment providers stock worth $2,855,000 after purchasing an additional 498 shares during the last quarter. Finally, ClariVest Asset Management LLC boosted its position in shares of Harris by 47.9% in the 1st quarter. ClariVest Asset Management LLC now owns 1,569 shares of the communications equipment providers stock worth $253,000 after purchasing an additional 508 shares during the last quarter. Hedge funds and other institutional investors own 86.09% of the companys stock.

This article provided by NewsEdge.