Dividend Assets Capital LLC lessened its holdings in Harris Co. (NYSE:HRS) by 4.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 76,789 shares of the communications equipment provider’s stock after selling 3,714 shares during the quarter. Harris accounts for 1.7% of Dividend Assets Capital LLC’s investment portfolio, making the stock its 12th biggest position. Dividend Assets Capital LLC’s holdings in Harris were worth $12,993,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Fort L.P. purchased a new position in Harris in the 2nd quarter worth $118,000. Accurate Investment Solutions Inc. purchased a new position in Harris in the 2nd quarter worth $123,000. Patton Albertson Miller Group LLC purchased a new position in Harris in the 3rd quarter worth $138,000. Harvest Fund Management Co. Ltd purchased a new position in Harris in the 3rd quarter worth $146,000. Finally, Daiwa SB Investments Ltd. purchased a new position in Harris in the 2nd quarter worth $136,000. Institutional investors own 85.42% of the company’s stock.
In related news, insider Edward J. Zoiss sold 26,311 shares of the business’s stock in a transaction dated 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 $209,360.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Sheldon J. Fox sold 45,800 shares of the business’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders have sold 94,712 shares of company stock worth $15,407,341 in the last quarter. 2.51% of the stock is owned by corporate insiders.
HRS stock opened at $150.56 on Wednesday. Harris Co. has a 12-month low of $136.77 and a 12-month high of $175.50. The stock has a market capitalization of $17.30 billion, a price-to-earnings ratio of 23.16 and a beta of 1.29. 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 (NYSE:HRS) last released its quarterly earnings data on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Harris had a net margin of 12.20% and a return on equity of 26.39%. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the company earned $1.38 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts predict that Harris Co. will post 7.86 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 7th. Investors 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 1.82%. The ex-dividend date of this dividend is Wednesday, November 21st. Harris’s dividend payout ratio is currently 42.15%.
A number of equities analysts have issued reports on HRS shares. Seaport Global Securities restated a “buy” rating and issued a $185.00 price objective on shares of Harris in a research report on Thursday, August 2nd. Argus boosted their price objective 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 upgraded shares of Harris from a “sell” rating to a “hold” rating in a research report on Friday, August 3rd. 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 objective on the stock. Finally, Raymond James boosted their price objective on shares of Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Tuesday, October 16th. Three investment analysts have rated the stock with a hold rating and seven 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 $182.22.
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Harris Company Profile
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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