Why Has Jefferies Given Harris (NYSE:HRS) a $100 Price Target
New York: Harris (NYSE:HRS) coverage was started with a key ‘”Buy”‘ rating as well as a $100 target price per share at Jefferies. The TP by Jefferies may mean upside of 19.55% from the last stock close.
From a total of 8 analysts covering Harris (NYSE:HRS) stock, 7 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that 100% of the ratings are positive. The highest target price is $112 while the lowest target price is $90. The mean of all analyst targets is $96.75 with a 15.73% above today’s ($83.53) stock price. Harris was the topic of 8 analyst reports since August 10, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on November 4 with “Outperform” rating. Goldman Sachs upgraded HRS stock in a recent report from September 8 to “Buy” rating.
Approximately 155,177 shares of stock traded hands. Harris Corporation (NYSE:HRS) has risen 6.11% since May 14, 2015 and is uptrending. It has outperformed by 8.37% the S&P500.
The overall sentiment of institutions has decreased to 1.18 in Q2 2015. Its down 0.89, from 2.07 in 2015Q2. The ratio is negative, as 62 institutions have sold all the shares of Harris Corporation that they owned while 160 funds have taken shares off the table. 58 funds have purchased shares for the first time while 204 added to their positions. These institutions now hold 112.31 million shares or 11.29% more than the 100.92 million shares they owned in 2015Q2.
The Fund Clearline Capital Lp currently is holding shares equating to 5.38% of its total portfolio in Harris Corporation representing a total of 436,436 shares. Another fund,Gavekal Capital Llc, is holding a total of 132,998 shares equating to 3.69% of their holdings. Additionally, Cognios Capital Llc has a 72,447 share stake in Harris Corporation which represents 3.07% of their total portfolio. The Fund, Wheatland Advisors Inc, based out of Pennsylvania, has also built up a stake in the stock, which represents a total of 2.94% of their total portfolio. Finally M. Kraus & Co, a fund which is based in the state of Vermont reported a total holdings of 48,532 shares.
Insider activity is a very important aspect to track on any stock. Going back to April 3, 2015, shareholders of Harris Corporation have witnessed 0 buys, and a total of 1 sale equating to a net activity of approximately $15,844 . Brown William M sold 195 shares worth approximately $15,844. Fox Sheldon J sold 11,891 shares worth approximately $925,120. Mehnert Dana A sold 48,700 shares worth approximately $3.83 million. Schwartz Lewis A sold 500 shares worth approximately $39,250.
Harris Corporation together with its subsidiaries is engaged in providing technology solutions to government and commercial customers. The company has a market cap of $10.35 billion. As of July 3, 2015, the Company operated through four business divisions: RF Communications, Government Communications Systems, Integrated Network Solutions and Exelis. It has 26.03 P/E ratio. The RF Communications segment is engaged in serving the United States Department of Defense (DoD) and International Tactical Communications, and public safety and professional communications markets.
According to Zacks Investment Research, “Harris Corporation is an international company focused on communications equipment for voice, data and video applications. The company structures its operations around five operating divisions, which divisions have been organized on the basis of specific communications technology and markets. For the most part, each operating division has its own marketing, engineering, manufacturing and service organization. The company produces most of the products it sells, except for certain broadcast products sold by the Broadcast Communications Division.”