Nomura Asset Management Co. Ltd. increased its holdings in Harris Co. (NYSE:HRS) by 3.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,310 shares of the communications equipment provider’s stock after purchasing an additional 641 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Harris were worth $2,452,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the business. Driehaus Capital Management LLC purchased a new stake in Harris in the fourth quarter worth about $332,000. Merit Financial Group LLC purchased a new stake in Harris in the fourth quarter worth about $381,000. Richard C. Young & CO. LTD. lifted its stake in Harris by 1.0% in the fourth quarter. Richard C. Young & CO. LTD. now owns 126,556 shares of the communications equipment provider’s stock worth $17,927,000 after acquiring an additional 1,233 shares during the period. Koch Industries Inc. purchased a new stake in Harris in the fourth quarter worth about $803,000. Finally, Invictus RG purchased a new stake in shares of Harris during the fourth quarter valued at about $399,000. Institutional investors and hedge funds own 84.95% of the company’s stock.
In other Harris news, SVP Sheldon J. Fox sold 8,682 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $156.00, for a total value of $1,354,392.00. Following the transaction, the senior vice president now owns 53,724 shares in the company, valued at approximately $8,380,944. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Scott T. Mikuen sold 20,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $151.18, for a total value of $3,023,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 79,882 shares of company stock worth $12,221,320 in the last quarter. Insiders own 1.91% of the company’s stock.
Shares of NYSE HRS traded down $3.29 during midday trading on Friday, reaching $161.04. 584,292 shares of the stock were exchanged, compared to its average volume of 895,743. The stock has a market capitalization of $19,510.87, a price-to-earnings ratio of 29.12, a PEG ratio of 4.23 and a beta of 1.27. Harris Co. has a twelve month low of $106.18 and a twelve month high of $164.69. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.22 and a quick ratio of 0.68.
Harris (NYSE:HRS) last issued its quarterly earnings data on Tuesday, January 30th. The communications equipment provider reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.28. Harris had a net margin of 8.63% and a return on equity of 24.49%. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the company earned $1.38 EPS. The business’s revenue was up 5.9% on a year-over-year basis. analysts anticipate that Harris Co. will post 6.48 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 21st. Stockholders of record on Thursday, March 8th were given a dividend of $0.57 per share. The ex-dividend date was Wednesday, March 7th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.42%. Harris’s dividend payout ratio (DPR) is 41.23%.
Several analysts have commented on the stock. Credit Suisse Group increased their price target on shares of Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Cowen reissued a “buy” rating and set a $170.00 price target on shares of Harris in a research report on Tuesday, January 30th. Argus initiated coverage on shares of Harris in a research report on Wednesday. They issued a “buy” rating and a $196.00 price objective for the company. Zacks Investment Research lowered shares of Harris from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Barclays initiated coverage on shares of Harris in a research report on Thursday, March 29th. They issued an “equal weight” rating and a $173.00 price objective for the company. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $167.63.
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Harris Corporation provides technology-based solutions that solve government and commercial customers' mission-critical challenges in the United States and internationally. The company operates in three segments: Communication Systems, Electronic Systems, and Space and Intelligence Systems. It designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems, 2-channel vehicular radio systems, multiband manpack and handheld radios, multi-channel manpack and airborne radios, and single-channel airborne radios, as well as wideband rifleman team, ground, and high frequency manpack radios.
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