IFP Advisors Inc Boosts Stake in Harris Co. (HRS)

IFP Advisors Inc lifted its position in shares of Harris Co. (NYSE:HRS) by 122.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,735 shares of the communications equipment provider’s stock after buying an additional 954 shares during the quarter. IFP Advisors Inc’s holdings in Harris were worth $294,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. CWM LLC boosted its stake in Harris by 40.5% in the 2nd quarter. CWM LLC now owns 1,183 shares of the communications equipment provider’s stock worth $171,000 after purchasing an additional 341 shares during the period. Bridgeworth LLC boosted its stake in Harris by 28.0% in the 2nd quarter. Bridgeworth LLC now owns 1,600 shares of the communications equipment provider’s stock worth $230,000 after purchasing an additional 350 shares during the period. Sigma Planning Corp boosted its stake in Harris by 22.9% in the 2nd quarter. Sigma Planning Corp now owns 1,907 shares of the communications equipment provider’s stock worth $276,000 after purchasing an additional 355 shares during the period. Ascension Asset Management LLC boosted its stake in Harris by 3.0% in the 2nd quarter. Ascension Asset Management LLC now owns 13,075 shares of the communications equipment provider’s stock worth $1,890,000 after purchasing an additional 375 shares during the period. Finally, Brookmont Capital Management boosted its stake in Harris by 1.6% in the 2nd quarter. Brookmont Capital Management now owns 24,086 shares of the communications equipment provider’s stock worth $3,481,000 after purchasing an additional 384 shares during the period. Institutional investors own 85.42% of the company’s stock.

Several research analysts have commented on HRS shares. Seaport Global Securities restated a “buy” rating and issued a $185.00 target price on shares of Harris in a research note on Thursday, August 2nd. Argus raised their target price on Harris to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 16th. Zacks Investment Research upgraded Harris from a “sell” rating to a “hold” rating in a research note on Friday, August 3rd. UBS Group started coverage on Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 target price for the company. Finally, Raymond James raised their target price on Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 16th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Harris has an average rating of “Buy” and an average price target of $182.22.

Shares of HRS opened at $150.56 on Wednesday. The stock has a market cap of $17.30 billion, a PE ratio of 23.16 and a beta of 1.29. The company has a quick ratio of 0.96, a current ratio of 1.17 and a debt-to-equity ratio of 1.05. Harris Co. has a 12-month low of $136.77 and a 12-month high of $175.50.

Harris (NYSE:HRS) last issued its quarterly earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.06. The firm had revenue of $1.54 billion during 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% on a year-over-year basis. During the same quarter last year, the company posted $1.38 EPS. On average, equities analysts forecast that Harris Co. will post 7.86 earnings per share 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 given a dividend of $0.685 per share. The ex-dividend date of this dividend is Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.82%. Harris’s dividend payout ratio (DPR) is presently 42.15%.

In related news, VP Todd A. Taylor sold 18,698 shares of the firm’s stock in a transaction dated 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 legal filing with the SEC, which is available through this link. Also, insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $162.80, for a total value of $4,283,430.80. Following the transaction, the insider now directly owns 1,286 shares in the company, valued at $209,360.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 94,712 shares of company stock valued at $15,407,341. Corporate insiders own 2.51% of the company’s stock.

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About Harris

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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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