Investors Buy High Volume of Harris Call Options (HRS)

Harris Co. (NYSE:HRS) was the target of unusually large options trading activity on Wednesday. Stock investors bought 3,327 call options on the stock. This is an increase of approximately Infinity compared to the average volume of 0 call options.

In other news, SVP Sheldon J. Fox sold 50,300 shares of the stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $118.24, for a total transaction of $5,947,472.00. Following the transaction, the senior vice president now owns 73,092 shares of the company’s stock, valued at $8,642,398.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Scott T. Mikuen sold 4,387 shares of the stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $121.70, for a total transaction of $533,897.90. The disclosure for this sale can be found here. Insiders have sold 68,287 shares of company stock worth $8,159,066 in the last ninety days. Corporate insiders own 1.91% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of HRS. Prudential PLC raised its holdings in shares of Harris by 25.5% during the second quarter. Prudential PLC now owns 81,028 shares of the communications equipment provider’s stock valued at $8,839,000 after buying an additional 16,476 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Harris during the second quarter valued at approximately $2,342,000. Bank of Montreal Can raised its holdings in shares of Harris by 39.2% during the second quarter. Bank of Montreal Can now owns 122,868 shares of the communications equipment provider’s stock valued at $13,403,000 after buying an additional 34,614 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in shares of Harris during the second quarter valued at approximately $2,368,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Harris by 90.1% during the second quarter. Principal Financial Group Inc. now owns 675,756 shares of the communications equipment provider’s stock valued at $73,710,000 after buying an additional 320,216 shares during the last quarter. 82.91% of the stock is currently owned by hedge funds and other institutional investors.

Harris (HRS) opened at $139.84 on Friday. The company has a quick ratio of 0.64, a current ratio of 1.11 and a debt-to-equity ratio of 1.14. Harris has a twelve month low of $99.13 and a twelve month high of $141.97. The stock has a market cap of $16,730.00, a PE ratio of 24.58, a price-to-earnings-growth ratio of 3.32 and a beta of 1.12.

Harris (NYSE:HRS) last issued its earnings results on Tuesday, October 31st. The communications equipment provider reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.03. Harris had a net margin of 11.82% and a return on equity of 22.65%. The firm had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter last year, the company posted $1.28 earnings per share. Harris’s revenue was down .5% on a year-over-year basis. equities analysts expect that Harris will post 5.99 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $0.57 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.28 dividend on an annualized basis and a yield of 1.63%. Harris’s dividend payout ratio is currently 42.62%.

Several equities analysts have recently commented on HRS shares. BidaskClub cut shares of Harris from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Cowen and Company reaffirmed a “buy” rating and set a $125.00 price target on shares of Harris in a research report on Tuesday, August 1st. Zacks Investment Research raised shares of Harris from a “sell” rating to a “hold” rating in a research report on Thursday, August 24th. Credit Suisse Group started coverage on shares of Harris in a research report on Monday, August 28th. They set an “outperform” rating and a $144.00 price target on the stock. Finally, ValuEngine raised shares of Harris from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $145.43.

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