Legal & General Group Plc trimmed its holdings in shares of Harris Co. (NYSE:HRS) by 9.9% during the first quarter, Holdings Channel reports. The fund owned 572,825 shares of the communications equipment provider’s stock after selling 62,854 shares during the quarter. Legal & General Group Plc’s holdings in Harris were worth $92,386,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in HRS. Ostrum Asset Management bought a new stake in Harris in the first quarter valued at about $112,000. Wagner Wealth Management LLC bought a new stake in Harris in the first quarter valued at about $129,000. Meeder Asset Management Inc. bought a new stake in Harris in the first quarter valued at about $131,000. Woodard & Co. Asset Management Group Inc. ADV bought a new stake in Harris in the fourth quarter valued at about $134,000. Finally, Tower Research Capital LLC TRC increased its holdings in Harris by 980.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,243 shares of the communications equipment provider’s stock valued at $176,000 after buying an additional 1,128 shares during the last quarter. 86.08% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently weighed in on HRS. Credit Suisse Group lowered their price objective on Harris from $189.00 to $175.00 and set an “outperform” rating for the company in a report on Tuesday, May 22nd. Zacks Investment Research lowered Harris from a “hold” rating to a “sell” rating in a report on Tuesday, April 17th. Argus began coverage on Harris in a report on Wednesday, April 4th. They issued a “buy” rating and a $196.00 price objective for the company. Barclays began coverage on Harris in a report on Thursday, March 29th. They issued an “equal weight” rating and a $173.00 price objective for the company. Finally, Citigroup boosted their price objective on Harris from $160.00 to $183.00 and gave the company a “buy” rating in a report on Tuesday, April 10th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $168.00.
Harris opened at $143.70 on Friday, Marketbeat Ratings reports. The company has a market cap of $17.00 billion, a PE ratio of 23.05, a P/E/G ratio of 3.68 and a beta of 1.25. Harris Co. has a 52 week low of $108.29 and a 52 week high of $170.54. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.12 and a quick ratio of 0.68.
Harris (NYSE:HRS) last posted its earnings results on Wednesday, May 2nd. The communications equipment provider reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.04. The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. Harris had a return on equity of 25.07% and a net margin of 10.43%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.38 earnings per share. equities research analysts anticipate that Harris Co. will post 6.48 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, June 15th. Stockholders of record on Friday, June 1st were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend was Thursday, May 31st. Harris’s dividend payout ratio (DPR) is presently 41.23%.
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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