Sciencast Management LP purchased a new position in shares of Harris Co. (NYSE:HRS) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,633 shares of the communications equipment provider’s stock, valued at approximately $665,000.
A number of other institutional investors have also made changes to their positions in the stock. Prudential Financial Inc. raised its stake in shares of Harris by 1.4% in the 3rd quarter. Prudential Financial Inc. now owns 173,548 shares of the communications equipment provider’s stock valued at $22,853,000 after purchasing an additional 2,390 shares in the last quarter. Global X MANAGEMENT CO LLC raised its stake in Harris by 20.9% during the third quarter. Global X MANAGEMENT CO LLC now owns 2,739 shares of the communications equipment provider’s stock worth $361,000 after acquiring an additional 473 shares during the period. Retirement Systems of Alabama raised its stake in Harris by 69.5% during the third quarter. Retirement Systems of Alabama now owns 100,167 shares of the communications equipment provider’s stock worth $13,190,000 after acquiring an additional 41,058 shares during the period. CIBC Asset Management Inc raised its stake in Harris by 2.3% during the third quarter. CIBC Asset Management Inc now owns 17,202 shares of the communications equipment provider’s stock worth $2,265,000 after acquiring an additional 387 shares during the period. Finally, New York State Common Retirement Fund raised its stake in Harris by 2.3% during the third quarter. New York State Common Retirement Fund now owns 272,500 shares of the communications equipment provider’s stock worth $35,883,000 after acquiring an additional 6,000 shares during the period. 84.95% of the stock is owned by hedge funds and other institutional investors.
HRS has been the topic of several research reports. Zacks Investment Research lowered shares of Harris from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Cowen restated a “buy” rating and issued a $157.00 price target on shares of Harris in a research note on Monday, January 22nd. ValuEngine upgraded shares of Harris from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Credit Suisse Group increased their price objective on shares of Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a report on Wednesday, January 31st. Finally, Barclays initiated coverage on shares of Harris in a report on Thursday, March 29th. They issued an “equal weight” rating and a $173.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $167.63.
In other news, 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 transaction of $3,023,600.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Dana A. Mehnert sold 51,200 shares of the firm’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $153.19, for a total transaction of $7,843,328.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 79,882 shares of company stock valued at $12,221,320. Insiders own 1.91% of the company’s stock.
Harris stock opened at $161.04 on Friday. Harris Co. has a 52 week low of $106.18 and a 52 week 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. The company has a market capitalization of $19,268.66, a P/E ratio of 29.12, a PEG ratio of 4.18 and a beta of 1.27.
Harris (NYSE:HRS) last posted 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 firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business posted $1.38 EPS. The company’s revenue was up 5.9% on a year-over-year basis. equities analysts forecast that Harris Co. will post 6.48 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 21st. Shareholders of record on Thursday, March 8th were given a $0.57 dividend. The ex-dividend date of this dividend was Wednesday, March 7th. This represents a $2.28 dividend on an annualized basis and a yield of 1.42%. Harris’s payout ratio is 41.23%.
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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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