Harris (NYSE:HRS) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Harris (NYSE:HRS) from a buy rating to a hold rating in a research report sent to investors on Thursday, January 4th.

According to Zacks, “Shares of Harris Corporation have outperformed its industry over the last six months. In fact, stocks like Harris have been buoyed by the possibility of greater military spending by the United States, owing to tensions with North Korea. The company's efforts to reward shareholders through dividends and buybacks are impressive. Multiple multiple contract wins also bode well. However, the company's high debt levels remain a potent threat. Moreover, the company's struggles on the top line front are concerning. The disappointing performance of the Communication Systems unit also raise concerns.”

Other research analysts have also recently issued research reports about the stock. Jefferies Group restated a buy rating and set a $135.00 price target on shares of Harris in a research note on Thursday, September 21st. Cowen restated a buy rating and set a $134.00 price target (up previously from $125.00) on shares of Harris in a research note on Tuesday, September 12th. ValuEngine raised shares of Harris from a hold rating to a buy rating in a report on Sunday, December 31st. Seaport Global Securities reaffirmed a buy rating and set a $145.00 price objective (up previously from $135.00) on shares of Harris in a report on Monday, October 9th. Finally, Credit Suisse Group reaffirmed an outperform rating and set a $155.00 price objective (up previously from $144.00) on shares of Harris in a report on Wednesday, November 1st. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Harris currently has an average rating of Buy and a consensus price target of $145.43.

Harris (HRS) traded up $1.91 during midday trading on Thursday, hitting $147.21. 565,520 shares of the company traded hands, compared to its average volume of 647,567. The company has a current ratio of 1.11, a quick ratio of 0.64 and a debt-to-equity ratio of 1.14. Harris has a twelve month low of $99.13 and a twelve month high of $147.33. The company has a market capitalization of $17,550.00, a PE ratio of 27.52, a PEG ratio of 4.09 and a beta of 1.13.

Harris (NYSE:HRS) last released its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.03. The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Harris had a net margin of 9.02% and a return on equity of 23.36%. The firm’s revenue was down .5% on a year-over-year basis. During the same quarter last year, the company earned $1.28 earnings per share. sell-side analysts predict that Harris will post 5.99 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. EP Wealth Advisors LLC grew its holdings in Harris by 1.0% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,875 shares of the communications equipment provider’s stock worth $205,000 after acquiring an additional 19 shares during the period. Thrivent Financial For Lutherans boosted its position in shares of Harris by 0.6% during the second quarter. Thrivent Financial For Lutherans now owns 4,685 shares of the communications equipment provider’s stock worth $511,000 after purchasing an additional 30 shares in the last quarter. Comerica Securities Inc. boosted its position in shares of Harris by 3.5% during the second quarter. Comerica Securities Inc. now owns 2,068 shares of the communications equipment provider’s stock worth $226,000 after purchasing an additional 70 shares in the last quarter. Ropes Wealth Advisors LLC boosted its position in shares of Harris by 5.4% during the second quarter. Ropes Wealth Advisors LLC now owns 1,635 shares of the communications equipment provider’s stock worth $178,000 after purchasing an additional 84 shares in the last quarter. Finally, Advisor Group Inc. boosted its position in shares of Harris by 1.8% during the second quarter. Advisor Group Inc. now owns 5,262 shares of the communications equipment provider’s stock worth $547,000 after purchasing an additional 94 shares in the last quarter. 84.29% of the stock is owned by hedge funds and other institutional investors.

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