Robeco Institutional Asset Management B.V. cut its position in shares of Harris Co. (NYSE:HRS) by 8.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,394 shares of the communications equipment provider’s stock after selling 1,466 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Harris were worth $2,774,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in shares of Harris by 0.6% during the second quarter. BlackRock Inc. now owns 9,879,821 shares of the communications equipment provider’s stock valued at $1,428,028,000 after purchasing an additional 57,038 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Harris by 14.1% in the second quarter. Janus Henderson Group PLC now owns 3,050,490 shares of the communications equipment provider’s stock worth $440,918,000 after acquiring an additional 377,269 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Harris by 15.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,344,309 shares of the communications equipment provider’s stock worth $227,471,000 after acquiring an additional 178,395 shares in the last quarter. Northern Trust Corp boosted its holdings in Harris by 6.5% in the second quarter. Northern Trust Corp now owns 1,313,667 shares of the communications equipment provider’s stock worth $189,877,000 after acquiring an additional 80,745 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Harris by 1.5% in the second quarter. Bessemer Group Inc. now owns 745,082 shares of the communications equipment provider’s stock worth $107,695,000 after acquiring an additional 11,026 shares in the last quarter. Institutional investors own 85.42% of the company’s stock.
Several equities research analysts have commented on the company. Raymond James boosted their target price on Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a report on Tuesday, October 16th. Credit Suisse Group boosted their target price on Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a report on Monday, October 15th. Argus boosted their target price on Harris to $190.00 and gave the stock a “buy” rating in a report on Thursday, August 16th. UBS Group assumed coverage on Harris in a report on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 target price on the stock. Finally, Zacks Investment Research raised Harris from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $182.22.
Harris stock opened at $149.55 on Tuesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.96 and a current ratio of 1.17. Harris Co. has a 12 month low of $136.77 and a 12 month high of $175.50. The firm has a market capitalization of $17.30 billion, a price-to-earnings ratio of 23.01 and a beta of 1.29.
Harris (NYSE:HRS) last released its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.72 by $0.06. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.52 billion. Harris had a return on equity of 26.39% and a net margin of 12.20%. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.38 earnings per share. On average, research analysts predict that Harris Co. will post 7.86 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Stockholders of record on Friday, November 23rd will be issued a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Wednesday, November 21st. Harris’s payout ratio is currently 42.15%.
In other news, VP Todd A. Taylor sold 18,698 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $161.79, for a total transaction of $3,025,149.42. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Sheldon J. Fox sold 45,800 shares of the company’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $163.13, for a total value of $7,471,354.00. Following the transaction, the senior vice president now directly owns 95,448 shares in the company, valued at $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 worth $15,407,341. Corporate insiders own 2.51% of the company’s stock.
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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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