Pictet Asset Management Ltd. decreased its holdings in Harris Co. (NYSE:HRS) by 1.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 61,578 shares of the communications equipment provider’s stock after selling 1,100 shares during the period. Pictet Asset Management Ltd. owned 0.05% of Harris worth $10,420,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Carillon Tower Advisers Inc. lifted its stake in Harris by 24.0% in the third quarter. Carillon Tower Advisers Inc. now owns 394,004 shares of the communications equipment provider’s stock worth $66,669,000 after purchasing an additional 76,246 shares during the last quarter. Westpac Banking Corp lifted its stake in Harris by 147.8% in the third quarter. Westpac Banking Corp now owns 23,152 shares of the communications equipment provider’s stock worth $3,918,000 after purchasing an additional 13,810 shares during the last quarter. Credit Suisse AG lifted its stake in Harris by 2.9% in the third quarter. Credit Suisse AG now owns 228,118 shares of the communications equipment provider’s stock worth $38,600,000 after purchasing an additional 6,434 shares during the last quarter. Schroder Investment Management Group lifted its stake in Harris by 4,380.6% in the third quarter. Schroder Investment Management Group now owns 8,065 shares of the communications equipment provider’s stock worth $1,365,000 after purchasing an additional 7,885 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Harris by 173.1% in the third quarter. Canada Pension Plan Investment Board now owns 75,518 shares of the communications equipment provider’s stock worth $12,778,000 after purchasing an additional 47,868 shares during the last quarter. 84.93% of the stock is owned by hedge funds and other institutional investors.
HRS has been the subject of several analyst reports. ValuEngine downgraded shares of Harris from a “buy” rating to a “hold” rating in a research note on Saturday, December 1st. Credit Suisse Group raised their price objective on shares of Harris from $190.00 to $209.00 and gave the stock an “outperform” rating in a research note on Monday, October 15th. UBS Group initiated coverage on shares of Harris in a research note on Wednesday, August 15th. They issued a “neutral” rating and a $175.00 price objective for the company. Barclays decreased their price objective on shares of Harris from $181.00 to $161.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Raymond James raised their price objective on shares of Harris from $180.00 to $190.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 16th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $180.89.
In other news, insider Edward J. Zoiss sold 26,311 shares of the firm’s stock in a transaction that occurred on 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 directly 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 accessible through this hyperlink. Also, SVP Scott T. Mikuen sold 3,903 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $160.75, for a total transaction of $627,407.25. Following the transaction, the senior vice president now directly owns 47,243 shares in the company, valued at $7,594,312.25. The disclosure for this sale can be found here. Company insiders own 2.51% of the company’s stock.
Shares of NYSE HRS 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 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 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 EPS for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.06. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.52 billion. Harris had a net margin of 12.20% and a return on equity of 26.39%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $1.38 earnings per share. On average, sell-side analysts predict that Harris Co. will post 7.86 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 7th. Stockholders of record on Friday, November 23rd were given a dividend of $0.685 per share. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend was Wednesday, November 21st. Harris’s dividend payout ratio (DPR) is presently 42.15%.
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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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