Baird Financial Group Inc. reduced its stake in Harris Co. (NYSE:HRS) by 8.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,706 shares of the communications equipment provider’s stock after selling 948 shares during the period. Baird Financial Group Inc.’s holdings in Harris were worth $1,548,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Ostrum Asset Management purchased a new stake in shares of Harris in the 1st quarter worth approximately $112,000. Wagner Wealth Management LLC purchased a new stake in shares of Harris in the 1st quarter worth approximately $129,000. Winthrop Partners WNY LLC purchased a new stake in shares of Harris in the 1st quarter worth approximately $137,000. Accurate Investment Solutions Inc. purchased a new stake in shares of Harris in the 2nd quarter worth approximately $123,000. Finally, Daiwa SB Investments Ltd. purchased a new stake in shares of Harris in the 2nd quarter worth approximately $136,000. Institutional investors and hedge funds own 85.73% of the company’s stock.
NYSE:HRS opened at $166.45 on Tuesday. Harris Co. has a 52 week low of $126.97 and a 52 week high of $170.54. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.24 and a quick ratio of 0.73. The company has a market cap of $18.97 billion, a P/E ratio of 25.61, a PEG ratio of 3.46 and a beta of 1.21.
Harris (NYSE:HRS) last posted its earnings results on Tuesday, July 31st. The communications equipment provider reported $1.78 EPS for the quarter, beating the Zacks’ consensus estimate of $1.76 by $0.02. Harris had a net margin of 11.61% and a return on equity of 25.36%. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the prior year, the company posted $1.49 earnings per share. Harris’s revenue for the quarter was up 8.0% compared to the same quarter last year. equities analysts anticipate that Harris Co. will post 7.79 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Shareholders of record on Friday, September 7th will be paid a dividend of $0.685 per share. This is a positive change from Harris’s previous quarterly dividend of $0.57. The ex-dividend date is Thursday, September 6th. This represents a $2.74 dividend on an annualized basis and a yield of 1.65%. Harris’s dividend payout ratio is presently 42.15%.
In other Harris news, SVP Sheldon J. Fox sold 45,800 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total transaction of $7,471,354.00. Following the transaction, the senior vice president now owns 95,448 shares in the company, valued at approximately $15,570,432.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Edward J. Zoiss sold 26,311 shares of the company’s stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $162.80, for a total transaction of $4,283,430.80. Following the transaction, the insider now owns 1,286 shares in the company, valued at approximately $209,360.80. The disclosure for this sale can be found here. Insiders have sold a total of 94,712 shares of company stock worth $15,407,341 in the last 90 days. 2.51% of the stock is currently owned by company insiders.
Several equities research analysts have recently weighed in on HRS shares. UBS Group started coverage on shares of Harris in a research report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price target for the company. Seaport Global Securities reissued a “buy” rating and set a $185.00 target price on shares of Harris in a research report on Thursday, August 2nd. Argus increased their target price on shares of Harris to $190.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Zacks Investment Research cut shares of Harris from a “hold” rating to a “sell” rating in a research report on Tuesday, July 3rd. Finally, Credit Suisse Group decreased their target price on shares of Harris from $189.00 to $175.00 and set an “outperform” rating for the company in a research report on Tuesday, May 22nd. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Harris has an average rating of “Buy” and an average target price of $173.60.
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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