Scout Investments Inc. boosted its holdings in Harris Co. (NYSE:HRS) by 13.7% in the first quarter, HoldingsChannel reports. The firm owned 281,742 shares of the communications equipment provider’s stock after purchasing an additional 34,055 shares during the period. Harris makes up about 1.1% of Scout Investments Inc.’s investment portfolio, making the stock its 10th biggest holding. Scout Investments Inc.’s holdings in Harris were worth $45,439,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of HRS. Atria Investments LLC bought a new stake in Harris in the fourth quarter worth approximately $248,000. Bank of Montreal Can increased its holdings in Harris by 8.4% in the fourth quarter. Bank of Montreal Can now owns 178,888 shares of the communications equipment provider’s stock worth $25,340,000 after purchasing an additional 13,867 shares in the last quarter. Koshinski Asset Management Inc. bought a new stake in Harris in the fourth quarter worth approximately $203,000. Benjamin F. Edwards & Company Inc. increased its holdings in Harris by 13.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 3,476 shares of the communications equipment provider’s stock worth $492,000 after purchasing an additional 413 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in Harris by 4.1% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 424,713 shares of the communications equipment provider’s stock worth $60,161,000 after purchasing an additional 16,585 shares in the last quarter. Institutional investors and hedge funds own 86.06% of the company’s stock.
A number of equities research analysts have weighed in on HRS shares. Cowen reiterated a “buy” rating and issued a $157.00 target price on shares of Harris in a report on Monday, January 22nd. Credit Suisse Group lifted their target price on Harris from $167.00 to $187.00 and gave the stock an “outperform” rating in a report on Wednesday, January 31st. ValuEngine upgraded Harris from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Barclays started coverage on Harris in a report on Thursday, March 29th. They issued an “equal weight” rating and a $173.00 target price for the company. Finally, Zacks Investment Research downgraded Harris from a “buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $169.56.
Shares of Harris opened at $153.90 on Monday, Marketbeat reports. 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 Co. has a 52 week low of $107.46 and a 52 week high of $170.54. The company has a market capitalization of $18.27 billion, a price-to-earnings ratio of 27.83, a PEG ratio of 3.96 and a beta of 1.28.
Harris (NYSE:HRS) last announced its quarterly earnings data on Wednesday, May 2nd. The communications equipment provider reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.04. Harris had a return on equity of 25.07% and a net margin of 10.43%. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter last year, the firm posted $1.38 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. research analysts predict that Harris Co. will post 6.48 EPS for the current year.
The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, May 31st. This represents a $2.28 dividend on an annualized basis and a yield of 1.48%. Harris’s dividend payout ratio (DPR) is presently 41.23%.
In other Harris news, SVP Scott T. Mikuen sold 20,000 shares of the firm’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Dana A. Mehnert sold 51,200 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The shares were 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. Company insiders own 1.91% of the company’s stock.
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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