Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer.

Trade-Ideas LLC identified Harris Corporation ( HRS) as a new lifetime high candidate. In addition to specific proprietary factors, Trade-Ideas identified Harris Corporation as such a stock due to the following factors:

  • HRS has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $81.3 million.
  • HRS has traded 300 shares today.
  • HRS is trading at a new lifetime high.

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More details on HRS:

Harris Corporation, together with its subsidiaries, operates as an international communications and information technology company worldwide. The company operates through RF Communications, Integrated Network Solutions, and Government Communications Systems segments. The stock currently has a dividend yield of 2.4%. HRS has a PE ratio of 15.6. Currently there are 3 analysts that rate Harris Corporation a buy, no analysts rate it a sell, and 2 rate it a hold.

The average volume for Harris Corporation has been 1.2 million shares per day over the past 30 days. Harris has a market cap of $8.2 billion and is part of the technology sector and telecommunications industry. The stock has a beta of 1.61 and a short float of 4.5% with 4.78 days to cover. Shares are up 10.4% year-to-date as of the close of trading on Monday.

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TheStreetRatings.com Analysis:

TheStreet Quant Ratings rates Harris Corporation as a buy. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year, notable return on equity, good cash flow from operations, growth in earnings per share and increase in net income. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.

Highlights from the ratings report include:
  • The stock has risen over the past year as investors have generally rewarded the company for its earnings growth and other positive factors like the ones we have cited in this report. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.
  • The return on equity has improved slightly when compared to the same quarter one year prior. This can be construed as a modest strength in the organization. Compared to other companies in the Communications Equipment industry and the overall market, HARRIS CORP's return on equity significantly exceeds that of both the industry average and the S&P 500.
  • Net operating cash flow has increased to $142.10 million or 32.92% when compared to the same quarter last year. In addition, HARRIS CORP has also vastly surpassed the industry average cash flow growth rate of -19.43%.
  • HARRIS CORP's earnings per share improvement from the most recent quarter was slightly positive. The company has demonstrated a pattern of positive earnings per share growth over the past two years. We feel that this trend should continue. During the past fiscal year, HARRIS CORP increased its bottom line by earning $5.00 versus $4.16 in the prior year. This year, the market expects an improvement in earnings ($5.04 versus $5.00).
  • The net income growth from the same quarter one year ago has exceeded that of the S&P 500, but is less than that of the Communications Equipment industry average. The net income increased by 2.4% when compared to the same quarter one year prior, going from $136.20 million to $139.50 million.

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