Harvest Fund Management Co. Ltd purchased a new stake in Harris Co. (NYSE:HRS) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 862 shares of the communications equipment provider’s stock, valued at approximately $146,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its position in Harris by 0.7% in the 3rd quarter. Arizona State Retirement System now owns 91,601 shares of the communications equipment provider’s stock valued at $15,500,000 after buying an additional 637 shares during the last quarter. Checchi Capital Advisers LLC purchased a new stake in Harris in the 3rd quarter valued at $221,000. Oppenheimer & Co. Inc. raised its position in Harris by 3.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 41,223 shares of the communications equipment provider’s stock valued at $6,976,000 after buying an additional 1,276 shares during the last quarter. Congress Asset Management Co. MA raised its position in Harris by 0.9% in the 3rd quarter. Congress Asset Management Co. MA now owns 41,535 shares of the communications equipment provider’s stock valued at $7,028,000 after buying an additional 376 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new stake in Harris in the 3rd quarter valued at $583,000. 85.70% of the stock is owned by institutional investors and hedge funds.
In related news, insider Edward J. Zoiss sold 26,311 shares of Harris stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $162.80, for a total value of $4,283,430.80. Following the completion of the sale, the insider now owns 1,286 shares of the company’s stock, valued at approximately $209,360.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Sheldon J. Fox sold 45,800 shares of Harris stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $163.13, for a total value of $7,471,354.00. Following the completion of the sale, the senior vice president now directly owns 95,448 shares of the company’s stock, valued at approximately $15,570,432.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,712 shares of company stock valued at $15,407,341. Insiders own 2.51% of the company’s stock.
A number of equities research analysts recently commented on HRS shares. Credit Suisse Group increased their price target on Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a research report on Monday, October 15th. Argus increased their price target on Harris to $190.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. Zacks Investment Research raised Harris from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. Raymond James increased their price target on Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Tuesday, October 16th. Finally, Seaport Global Securities reaffirmed a “buy” rating and set a $185.00 target price on shares of Harris in a research report on Thursday, August 2nd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $182.22.
Shares of Harris stock opened at $147.03 on Friday. Harris Co. has a 1 year low of $136.77 and a 1 year high of $175.50. The firm has a market cap of $17.30 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 3.12 and a beta of 1.29. The company has a quick ratio of 0.73, a current ratio of 1.17 and a debt-to-equity ratio of 1.05.
Harris (NYSE:HRS) last announced its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. Harris had a return on equity of 26.39% and a net margin of 12.20%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the firm posted $1.38 EPS. The business’s revenue was up 9.4% compared to the same quarter last year. Equities analysts expect that Harris Co. will post 7.86 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be given a dividend of $0.685 per share. This represents a $2.74 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend is Wednesday, November 21st. Harris’s dividend payout ratio is presently 42.15%.
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, 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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