Marshall Wace LLP Buys 111,567 Shares of Harris Co. (HRS)

Marshall Wace LLP lifted its holdings in Harris Co. (NYSE:HRS) by 692.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 127,670 shares of the communications equipment provider’s stock after buying an additional 111,567 shares during the quarter. Marshall Wace LLP’s holdings in Harris were worth $21,603,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fort L.P. bought a new position in Harris in the second quarter worth approximately $118,000. Patton Albertson Miller Group LLC bought a new stake in Harris during the 3rd quarter valued at $138,000. Harvest Fund Management Co. Ltd bought a new stake in Harris during the 3rd quarter valued at $146,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Harris during the 2nd quarter valued at $188,000. Finally, Cerebellum GP LLC boosted its position in Harris by 2,067.3% during the 3rd quarter. Cerebellum GP LLC now owns 1,127 shares of the communications equipment provider’s stock valued at $191,000 after acquiring an additional 1,075 shares in the last quarter. Hedge funds and other institutional investors own 84.93% of the company’s stock.

A number of research firms have recently weighed in on HRS. Credit Suisse Group raised their price objective on Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a research report on Monday, October 15th. Argus raised their price objective on Harris to $190.00 and gave the stock a “buy” rating in a research report on Thursday, August 16th. ValuEngine cut Harris from a “buy” rating to a “hold” rating in a research report on Saturday, December 1st. Barclays raised Harris from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $189.00 to $181.00 in a research report on Tuesday, November 13th. Finally, Raymond James raised their price objective on Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 16th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $180.89.

In related news, insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 1,286 shares in the company, valued at approximately $209,360.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Scott T. Mikuen sold 3,903 shares of the firm’s stock in a transaction on 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 transaction, the senior vice president now 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. Company insiders own 2.51% of the company’s stock.

Harris stock opened at $139.40 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.17 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $16.44 billion, a PE ratio of 20.25 and a beta of 1.27. Harris Co. has a 1-year low of $134.30 and a 1-year high of $175.50.

Harris (NYSE:HRS) last issued its earnings results on Sunday, October 14th. The communications equipment provider reported $1.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.06. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.52 billion. Harris had a return on equity of 26.39% and a net margin of 12.20%. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $1.38 EPS. As a group, equities research analysts expect that Harris Co. will post 7.86 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 7th. Investors of record on Friday, November 23rd were paid a $0.685 dividend. The ex-dividend date of this dividend was Wednesday, November 21st. This represents a $2.74 dividend on an annualized basis and a yield of 1.97%. Harris’s dividend payout ratio (DPR) is 42.15%.

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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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Institutional Ownership by Quarter for Harris (NYSE:HRS)

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