Twin Tree Management LP lifted its holdings in shares of Harris Co. (NYSE:HRS) by 536.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 11,758 shares of the communications equipment provider’s stock after buying an additional 14,451 shares during the period. Twin Tree Management LP’s holdings in Harris were worth $1,896,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. acquired a new position in shares of Harris during the 1st quarter worth approximately $131,000. Woodard & Co. Asset Management Group Inc. ADV acquired a new position in Harris in the 4th quarter valued at $134,000. Tower Research Capital LLC TRC raised its stake in Harris by 980.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,243 shares of the communications equipment provider’s stock valued at $176,000 after purchasing an additional 1,128 shares during the last quarter. Calton & Associates Inc. acquired a new position in Harris in the 4th quarter valued at $180,000. Finally, Koshinski Asset Management Inc. acquired a new position in Harris in the 4th quarter valued at $203,000. 85.21% of the stock is owned by institutional investors and hedge funds.
In other Harris news, SVP Scott T. Mikuen sold 20,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $151.18, for a total value of $3,023,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Dana A. Mehnert sold 51,200 shares of the firm’s stock in a transaction on Monday, March 5th. The stock was sold at an average price of $153.19, for a total value of $7,843,328.00. The disclosure for this sale can be found here. 1.91% of the stock is owned by company insiders.
HRS has been the subject of several recent research reports. Zacks Investment Research downgraded Harris from a “hold” rating to a “sell” rating in a research note on Tuesday, April 17th. Cowen reissued a “buy” rating and issued a $157.00 price objective on shares of Harris in a research note on Monday, January 22nd. Credit Suisse Group increased their price objective on Harris from $167.00 to $187.00 and gave the company an “outperform” rating in a research note on Wednesday, January 31st. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, Citigroup increased their price objective on Harris from $160.00 to $183.00 and gave the company a “buy” rating in a research note on Tuesday, April 10th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $169.56.
Shares of HRS traded up $0.35 during midday trading on Friday, reaching $153.19. The company had a trading volume of 2,387 shares, compared to its average volume of 804,051. Harris Co. has a 1-year low of $154.48 and a 1-year high of $155.71. The company has a market capitalization of $18.25 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 3.95 and a beta of 1.28. The company has a quick ratio of 0.68, a current ratio of 1.12 and a debt-to-equity ratio of 1.08.
Harris (NYSE:HRS) last issued its earnings results on Wednesday, May 2nd. The communications equipment provider reported $1.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.04. Harris had a return on equity of 25.07% and a net margin of 10.43%. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same period last year, the company earned $1.38 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. equities analysts anticipate that Harris Co. will post 6.48 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, June 1st will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend is Thursday, May 31st. Harris’s dividend payout ratio (DPR) is presently 41.23%.
Harris Company Profile
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.
Want to see what other hedge funds are holding HRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harris Co. (NYSE:HRS).
Receive News & Ratings for Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris and related companies with MarketBeat.com's FREE daily email newsletter.