Highbridge Capital Management LLC Invests $1.43 Million in Harris Co. (HRS)

Highbridge Capital Management LLC purchased a new stake in shares of Harris Co. (NYSE:HRS) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,470 shares of the communications equipment provider’s stock, valued at approximately $1,433,000.

Several other institutional investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its stake 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 valued at $227,471,000 after purchasing an additional 178,395 shares during the last quarter. Checchi Capital Advisers LLC purchased a new position in Harris in the third quarter valued at about $221,000. Fort L.P. purchased a new position in Harris in the second quarter valued at about $118,000. Tower Bridge Advisors purchased a new position in Harris in the third quarter valued at about $220,000. Finally, Arizona State Retirement System grew its stake in Harris by 0.7% in the third quarter. Arizona State Retirement System now owns 91,601 shares of the communications equipment provider’s stock valued at $15,500,000 after purchasing an additional 637 shares during the last quarter. Hedge funds and other institutional investors own 84.93% of the company’s stock.

Shares of NYSE HRS opened at $139.40 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.17 and a quick ratio of 0.96. The stock has a market capitalization of $16.44 billion, a price-to-earnings ratio of 20.25 and a beta of 1.27. Harris Co. has a fifty-two week low of $134.30 and a fifty-two week 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 for the quarter, topping the consensus estimate of $1.72 by $0.06. The business 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 quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.38 earnings per share. On average, equities analysts anticipate that Harris Co. will post 7.86 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 7th. Shareholders of record on Friday, November 23rd were issued a $0.685 dividend. This represents a $2.74 annualized dividend and a yield of 1.97%. The ex-dividend date was Wednesday, November 21st. Harris’s dividend payout ratio is presently 42.15%.

HRS has been the topic of several analyst reports. ValuEngine lowered Harris from a “buy” rating to a “hold” rating in a research note on Saturday, December 1st. Credit Suisse Group lifted their target price on Harris from $190.00 to $209.00 and gave the company an “outperform” rating in a research note on Monday, October 15th. UBS Group initiated coverage on Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 target price on the stock. Barclays cut their target price on Harris from $181.00 to $161.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Raymond James lifted their target price on Harris from $180.00 to $190.00 and gave the company an “outperform” rating in a research note 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. The company has an average rating of “Buy” and an average price target of $180.89.

In other Harris news, insider Edward J. Zoiss sold 26,311 shares of the firm’s 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 $209,360.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Scott T. Mikuen sold 3,903 shares of the firm’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total value of $627,407.25. Following the completion of the sale, the senior vice president now directly owns 47,243 shares of the company’s stock, valued at approximately $7,594,312.25. The disclosure for this sale can be found here. 2.51% of the stock is currently owned by company insiders.

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Harris 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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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