Citigroup Initiates Coverage on Harris Corporation to Buy

Citigroup Initiates Coverage on Harris Corporation(NYSE:HRS). The shares have been rated Buy. The rating by Citigroup was issued on Jun 10, 2016.

In a different note, On Mar 15, 2016, Cowen & Company said it Downgrades its rating on Harris Corporation. In the research note, the firm Lowers the price-target to $102.00 per share. The shares have been rated ‘Market Perform’ by the firm.

Harris Corporation (HRS) made into the market gainers list on Wednesdays trading session with the shares advancing 0.28% or 0.23 points. Due to strong positive momentum, the stock ended at $81.21, which is also near the day’s high of $81.61. The stock began the session at $81.19 and the volume stood at 11,98,154 shares. The 52-week high of the shares is $89.78 and the 52 week low is $70.1. The company has a current market capitalization of $10,129 M and it has 12,47,25,874 shares in outstanding.

Harris Corporation(HRS) last announced its earnings results on May 3, 2016 for Fiscal Year 2016 and Q3.Company reported revenue of $1.91B. Analysts had an estimated revenue of $1.92B. Earnings per share were $1.45. Analysts had estimated an EPS of $1.39.

Several Insider Transactions has been reported to the SEC. On Jun 9, 2016, Dana A Mehnert (SVP, Chief Global Bus Dev Off) sold 6,600 shares at $82.07 per share price.Also, On Nov 17, 2015, Scott T Mikuen (Sr VP-General Counsel & Secy) sold 8,800 shares at $80.00 per share price.On Sep 1, 2015, William M Brown (Chairman, President, and CEO) sold 195 shares at $81.25 per share price, according to the Form-4 filing with the securities and exchange commission.

Harris Corporation (Harris) together with its subsidiaries is engaged in providing technology-based solutions to government and commercial customers. As of July 3 2015 the Company operated through four business segments: RF Communications Government Communications Systems Integrated Network Solutions and Exelis. 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. The Government Communications Systems segment is engaged in serving civil national intelligence and defense markets. The Integrated Network Solutions segment is engaged in serving information technology (IT) services and managed satellite and terrestrial communications solutions markets. The Exelis segment provides positioning and navigation sensors air traffic management solutions image processing and distribution communications and information systems.

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