Dynamic Capital Management Ltd Acquires Shares of 1,488 Harris Co. (NYSE:HRS)

Dynamic Capital Management Ltd purchased a new stake in Harris Co. (NYSE:HRS) during the 1st quarter, Holdings Channel reports. The fund purchased 1,488 shares of the communications equipment provider’s stock, valued at approximately $238,000.

A number of other hedge funds also recently made changes to their positions in HRS. BlackRock Inc. grew its position in Harris by 1.5% during the first quarter. BlackRock Inc. now owns 9,702,108 shares of the communications equipment provider’s stock worth $1,549,525,000 after buying an additional 141,508 shares in the last quarter. Janus Henderson Group PLC grew its position in Harris by 14.7% during the first quarter. Janus Henderson Group PLC now owns 5,078,411 shares of the communications equipment provider’s stock worth $811,076,000 after buying an additional 652,182 shares in the last quarter. Artisan Partners Limited Partnership grew its position in Harris by 42.2% during the first quarter. Artisan Partners Limited Partnership now owns 4,535,465 shares of the communications equipment provider’s stock worth $724,359,000 after buying an additional 1,346,524 shares in the last quarter. Geode Capital Management LLC grew its position in Harris by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 1,535,717 shares of the communications equipment provider’s stock worth $206,424,000 after buying an additional 59,854 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Harris by 2.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,472,230 shares of the communications equipment provider’s stock worth $198,236,000 after buying an additional 37,676 shares in the last quarter. 97.28% of the stock is currently owned by institutional investors and hedge funds.

In other news, SVP Robert L. Duffy sold 9,124 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $179.99, for a total value of $1,642,228.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William H. Gattle sold 5,131 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $178.71, for a total value of $916,961.01. The disclosure for this sale can be found here. 2.51% of the stock is currently owned by corporate insiders.

A number of equities research analysts have weighed in on the company. Zacks Investment Research downgraded Harris from a “hold” rating to a “sell” rating in a report on Tuesday, April 16th. Barclays raised their target price on Harris from $205.00 to $245.00 and gave the company an “overweight” rating in a report on Wednesday, May 29th. ValuEngine raised Harris from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Raymond James raised their target price on Harris from $190.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Finally, Argus raised their target price on Harris to $200.00 and gave the company a “positive” rating in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $201.13.

Shares of HRS stock opened at $188.73 on Thursday. The firm has a market capitalization of $22.23 billion, a price-to-earnings ratio of 29.04, a price-to-earnings-growth ratio of 2.89 and a beta of 1.03. Harris Co. has a fifty-two week low of $123.24 and a fifty-two week high of $200.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.15 and a current ratio of 1.42.

Harris (NYSE:HRS) last issued its earnings results on Wednesday, May 1st. The communications equipment provider reported $2.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.04 by $0.07. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.70 billion. Harris had a return on equity of 27.13% and a net margin of 13.60%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.67 EPS. On average, analysts forecast that Harris Co. will post 8.15 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Shareholders of record on Friday, May 17th were issued a $0.685 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend was Thursday, May 16th. Harris’s dividend payout ratio is presently 42.15%.

COPYRIGHT VIOLATION WARNING: This piece was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece on another website, it was illegally copied and reposted in violation of US & international copyright laws. The legal version of this piece can be read at https://www.dispatchtribunal.com/2019/06/13/dynamic-capital-management-ltd-acquires-shares-of-1488-harris-co-nysehrs.html.

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.

Featured Article: Outstanding Shares, Buying and Selling Stocks

Want to see what other hedge funds are holding HRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Harris Co. (NYSE:HRS).

Institutional Ownership by Quarter for Harris (NYSE:HRS)

Receive News & Ratings for Harris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harris and related companies with MarketBeat.com's FREE daily email newsletter.